Question

what is production,consumption, distribution, economics?

Answer 1

Production is a process of transforming (converting) inputs (raw-materials) into outputs (finished goods). So, production means the creation of goods and services. It is done to satisfy human wants. Thus, production is a process of transformation.


The process in which the substance of a thing is completely destroyed, used up, or incorporated or transformed into something else. Consumption of goods and services is the amount of them used in a particular time period.


Distribution means to spread the product throughout the marketplace such that a large number of people can buy it.

Answer 2

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Production is a process of combining various material inputs and immaterial inputs in order to make something for consumption.

Consumption is the process in which consumers purchase items on the market.

Distribution is one of the four elements of the marketing mix.


Economics is the social science that studies the production, distribution, and consumption of goods and services.

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