Question

what is meant by production or procurement of goods and services.

Answer 1

production of goods refer to the manufacturing,transformation of raw materials into finish product
procurement means utilisation of those goods and services........
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Answer 2

Production or Procurement of Goods and Services :-

Befor goods are offered to people for consumption, these must be either produced or procured by business enterprises. Thus, every business enterprise either manufactures the goods it deals in or acquires them from producers, to be further sold to consumers or users. Goods may consist of consumables items of daily use, such as sugar, ghee, pen, notebook, etc., or capital goods, like machinery, furniture, etc.. Services may include facilities offered to consumers, business firms and organisations in the form of transportation, banking, electricity, etc..