define the meaning and aim of production
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Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). ... Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs.
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Answer: Production is the act of creating output, a good or service by bringing together tangible and intangible goods which have value and contributes to the utility of individual.
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