Term:
Production function
Definition:
Production function is the maximum set of output(s) that can be produced with a given set of inputs. Use of a production function implies technical efficiency. Synonym for production frontier, the technically efficiency part of a feasible production set,
Domain:
Economics & National Accounts
Source:
OECD Productivity Manual: A Guide to the Measurement of Industry-Level and Aggregate Productivity Growth, OECD, Paris, March 2001, Annex 1 – Glossary
