differentiate between production and distribution with the help of an example
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There are three basic type of production system, the batch system, the continuous system and the project system.
In the batch system, general purpose, equipment and methods are used to produce small quantities of outputs ( goods and services ) with specification that vary greatly from one batch to the next.
Production is that process of combining various material input in order to make something for consumption.
It is the act of creating output, a good or service which has value and contributes to the utility of the individual.
In economics distribution is the way total output, income or wealth is distributed among individuals or among the factors of production ( i.e land, labor and capital)
In the batch system, general purpose, equipment and methods are used to produce small quantities of outputs ( goods and services ) with specification that vary greatly from one batch to the next.
Production is that process of combining various material input in order to make something for consumption.
It is the act of creating output, a good or service which has value and contributes to the utility of the individual.
In economics distribution is the way total output, income or wealth is distributed among individuals or among the factors of production ( i.e land, labor and capital)
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