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“Production is the organised activity of transforming resources into finished products in the form of goods and services; the objective of production is to satisfy the demand for such transformed resources”.
Production is the process (or processes) a firm uses to transform inputs (e.g. labor, capital, raw materials) into outputs, i.e. the goods or services the firm wishes to sell. Consider pizza making.
PRODUCTION meaning: 1. the process of making or growing goods to be sold: 2. the amount of something that is made or…. Learn more.
The meaning of PRODUCTION is something produced : product. How to use production in a sentence.
PRODUCTION definition: 1. the process of making or growing goods to be sold: 2. the amount of something that is made or…. Learn more.
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals. [1]
Production in Economics can be defined as an organised activity of transforming physical inputs (resources) into outputs (finished products), which will satisfy the products’ needs of the society.
production. / prəˈdʌkʃən / noun. the act of producing. anything that is produced; product. the amount produced or the rate at which it is produced. economics the creation or manufacture for sale of goods and services with exchange value. any work created as a result of literary or artistic effort.
production. economics. Learn about this topic in these articles: major reference. In production system: Underlying principles. All production systems, when viewed at the most abstract level, might be said to be “transformation processes”—processes that transform resources into useful goods and services.
Production involves a number of important decisions that define the behavior of firms. These decisions include, but are not limited to: What product or products should the firm produce?