Question

What changed the concept of production ?​

Answer 1

Answer:

Production is a 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.[1] The area of economics that focuses on production is referred to as production theory, which in many respects is similar to the consumption (or consumer) theory in economics.[2]

Explanation:

Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs. The degree to which the needs are satisfied is often accepted as a measure of economic well-being. In production there are two features which explain increasing economic well-being. They are improving quality-price-ratio of goods and services and increasing incomes from growing and more efficient market production or total production which help in increasing GDP. The most important forms of production are:

market production

public production

household production

Answer 2

Answer:

hii dear

hear is your answer

production is a 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 contribute to the utility of individual .the area of economics that focused on production theory, which in many respect is similar to the consumption(or consumer) theory in economy.

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