What is production
factors of production
Answers
Answer:
the raw materials are change into new or usable products is called production
Answer:
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Explanation:
Production: 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. ... household production.
Factor of Production
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function