explain the following :
increase in production
Answers
Explanation:
Economic growth is often defined as a production increase of an output of a production process. It is usually expressed as a growth percentage depicting growth of the real production output. ... The real output and the real income are generated by the real process of production from the real inputs.
Answer:
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.[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