What is meant by production why is it important for economic activity
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Answer: Production plays a crucial role in the development of a country. It is necessary because as the production will increase the per capita income also increases. It generates employment , GDP( Groce Domestic Product, NNP( Net National Product) and accordingly the whole economy will grow.
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Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs.
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