differentiate between production and consumption
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On a national scale, production is what a nation produces. Consumption is what the populace consumes. ... On a national scale, production is what a nation produces. Consumption is what the populace consumes
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difference between production and consumption are
- Consumption: is the process of using goods or services by deriving utility from it and thereby satisfying our wants.
- Production: is an activity undertaken, where raw materials are converterd into a finished good with the use of factors of production such as land, labour etc
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