define the meaning and aim of production
Answers
Answer:Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.[1] The area of economics that focuses on production is referred to as production theory, which in many respects is similar to the consumption (or consumer) theory in economics.[2]
Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs. The degree to which the needs are satisfied is often accepted as a measure of economic well-being. In production there are two features which explain increasing economic well-being. They are improving quality-price-ratio of goods and services and increasing incomes from growing and more efficient market production.
The most important forms of production are:
market production
public production
household production