Question

what is main by production
why is it important for economic activities
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Answer 1

Answer:

1.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. 2.

Economic activities of a country determine the growth of a country in terms of monetary aspects of development of the citizens. Better income of the citizens can be achieved with better economic activities of the country. In turn, income status of people decides the kind of health and education people can avail.

Answer 2

Answer:

Any increase in production leads to economic growth as measured by Gross Domestic Product or GDP. ... Entrepreneurs combine all the factors of production, including buying the land or raw materials, hiring the labor, and investing in the capital goods necessary to bring a finished product to market.