Question

Three differences between production and consumption

Answer 1

Explanation:

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• This is the difference between production and consumption in simple words. Production is a process to make a product using four factors of production. Land, Labor, Capital and entrepreneur. ... consumption is the use of products, usually measured as purchase of end of the production line goods and services.

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Answer 2

Explanation:

hey mate,

Production:

• is an activity undertaken, where raw materials are converterd into a finished good with the use of factors of production such as land, labour etc.
• For an economy to exist, production of goods and services is very essential.
• The process of growth or development consists in increasing the level of production in the economy

Consumption:

• is the process of using goods or services by deriving utility from it and thereby satisfying our wants.
• The second essential economic activity is consumption. It is the quantity and quality of consumption which constitutes the standard of living of the people.
• Consumption is thus the end of all productive activity. Moreover, consumption along with investment determines the level of income and employment in the economy.

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