Question

` Q.6What is meant by the following: a.Production b.Consumption..​

Answer 1

a) Production : Production is the 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.

b.Consumption : Consumption, in economics, the use of goods and services by households. Consumption is distinct from consumption expenditure, which is the purchase of goods and services for use by households.

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Answer 2

Production meant for manufacturing and Consumption meant for purchasing.

Explanation:

• Production is the process of manufacturing numerous commodities and services that are used by a country's inhabitants. It is the transformation of some materials from one form to another.

• Consumption may be defined in a variety of ways, but it is best characterized as an individual's ultimate purchase of goods and services. Consumption can be defined as the purchase of a new pair of shoes, a hamburger at a fast-food restaurant, or services such as having your house cleaned.