Question

Production Is just creation of goods of higher value. Explain

Answer 1

Hey!!!...Here is ur answer

Production of goodsand services implies transforming raw material into finished products adding higher value to it. ... *The output produced as a result of the processes have more value as comprised with the raw materials used as output.

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Answer 2

* Production of goods and services implies transforming raw material into finished products adding higher value to it.

* Processing of raw materials to the finished products enhances the value of the products. Additionally, individuals involved in production also bring value add to services that they perform, by using their skills and expertise.

*Production process involves combining all four factors of the production namely, land, labour, capital, machinery to produce goods.

*The output produced as a result of the processes have more value as comprised with the raw materials used as output.

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