Question

mention four features of production​

Answer 1

In Economics,production refers to the process through which a certain set or quantity of inputs or factors of production are transformed or converted into final goods and services meant for sale to the consumers or buyers in the final consumer market.

Explanation:

Main features of production:-

• Production is a comprehensive process which requires the use of various factors/inputs of production and productive resources.
• From an economic standpoint,production is a commercial process which ultimately involves some economic or financial objective/s and is conducted by commercial firms or companies to earn profit.Any production process which does not involve the economic or financial incentive cannot be considered as economic activity.
• The goods and services produced during any production process is intended primarily to fulfill human needs,wants or demands.Hence,production is an economic consequence of demands and wants of consumers or buyers.
• The production of goods and services in any economy contributes to the overall economic growth of that particular economy.It increases the general economic welfare and enhances the GDP level or National Income in the economy.