Reflective journal Topic : Theory of production and production costs Class : DPM 1B Date of submission :

Student Name Registration no.

: Annaiss Niswatin Binti Saidie : 07DPM1BF1030 What did I see , hear and learn.

For the second reflective journal, I have decided to discuss on the topic of ingroupers and outgroupers. This subject matter caught my interest because I find it to be very accurate within our society. To begin with, people are generally more inclined to associate with a crowd that is very similar to them. These similarities can be associated with religion, ethnicity, economic status, sports, or movie interests. On the other hand, outgroupers can be viewed differently because they do not associate with the same things as you. Because we seem to form more positive connections with ingroupers, the outgroupers can be viewed in a more negative way. Instinctively, we will trust our ingroupers more and may be rude and unfriendly to someone who we consider an outsider. You have to be careful before putting a label on someone when it is based solely on superficial evidence. Despite someones external appearance, they can believe in the same things as you but just dress differently. I believe that For the second reflective journal, I have decided to discuss on the topic of ingroupers
and outgroupers. This subject matter caught my interest because I find it to be very accurate within our society. To begin with, people are generally more inclined to associate with a crowd that is very similar to them. These similarities can be associated with religion, ethnicity, economic status, sports, or movie interests. On the other hand, outgroupers can be viewed differently because they do not associate with the same things as you. Because we seem to form more positive connections with ingroupers, the outgroupers can be viewed in a more negative way. Instinctively, we will trust our ingroupers more and may be rude and unfriendly to someone who we consider an outsider. You have to be careful before putting a label on someone when it is based solely on superficial evidence. Despite someones external appearance, they can believe in the same things as you but just dress differently. I believe that

Production' refers to the economic process of converting of inputs into outputs. Production uses resources to create a good or service that is suitable for use, gift-giving in a girt economy or exchange in a market economy. This can include manufacturing , storing, shipping , and

packing . Some economists define production broadly as all economic activity other than consumption . They see every commercial activity other than the final purchase as some form of production. Production is a process, and as such it occurs through time and space. Because it is a flow concept, production is measured as a rate of output per period of time. There are three aspects to production processes:

1. the quantity of the good or service produced, 2. the form of the good or service created, 3. the temporal and spatial distribution of the good or service produced. A production process can be defined as any activity that increases the similarity between the pattern of demand for goods and services, and the quantity, form, shape, size, length and distribution of these goods and services available to the market place. The inputs or resources used in the production process are called factors of production by economists. The myriad of possible inputs are usually grouped into five categories. These factors are: Raw materials Machinery Labour services Capital goods Land In the long run, all of these factors of production can be adjusted by management . The short run, however, is defined as a period in which at least one of the factors of production is fixed. A fixed factor of production is one whose quantity cannot readily be changed. Examples include major pieces of equipment, suitable factory space, and key managerial personnel. A variable factor of production is one whose usage rate can be changed easily. Examples include electrical power consumption, transportation services, and most raw material inputs. In the short run, a firms scale of operations determines the maximum number of outputs that can be produced. In the long run, there are no scale limitations.

What might it mean What was the reason I did this activity What is my opinion about what I observed or experienced ? Why ? My recommendations . In what ways might this learning experience serve me in my future ?