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In economics, the cost of production is defined as the expenditures incurred to obtain the factors of production such as labor, land, and capital that are needed in the production process of a product.
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In economics, the cost of production is defined as the expenditures incurred to

obtain the factors of production such as labor, land, and capital that are
needed in the production process of a product. Explain the following in relation
the total cost in economics
i. A firm pays its accountant an annual allowance of $10,000. Is this an
economic cost? Explain AN, 5MARKS

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User Hbas
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