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Discuss the Reasons That May Explain Why Voluntary Associations Exist

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Essay

Discuss the reasons that may explain why voluntary associations exist.


Definitions:

Input

Resources used in the production process to produce goods or services, such as labor, raw materials, and capital.

Output

The amount of goods or services produced by a company, industry, or economy.

Function

A relation between a set of inputs and a set of permissible outputs, typically defined by a rule that every input is related to exactly one output.

Production Function

A mathematical model that describes the relationship between inputs used in production and the output generated from those inputs.

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