Question

Strictly speaking production refers to the creation of__________
Fill in the blank.

Answer 1

Strictly speaking production refers to the creation of new utility. Simply, we can say that man takes the thing given by nature and simply gives it a new form so that it becomes useful to us than before. In ordinary sense it means, creation of a commodity.

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Answer 2

Production means creation of output,
that is goods and service which has a
value.These goods and services are produced to satisfy the consumption.