What is production ? (based on class 10 cbse ncert)
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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). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.
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Production is an activity carried out under the control and responsibility of an institutional unit that uses inputs of labour, capital, and goods and services to produce outputs of goods or services.
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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).
It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.
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