Question

Define production? Explain role of labour of production?

Answer 1

Answer:

Explanation:

Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. ... market production. public production.

The factor of production is one of the foundation of economic activity. They describe all the input or resources that are used in the production of goods and services .Labour as a factor of production refers to the human effort that is used in the production of goods and services.

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Answer 2

Answer:

Explanation:

It is the act of creating output, a good or service which has value and contributes to the utility of individuals.[1] Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs