what is production??? give one example
cuteßtár:
The processes and methods used to transform tangible inputs (raw materials, semi-finished goods, subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services. Resources are used in this process to create an output that is suitable for use or has exchange value.
Answers
Answered by
10
Production is the creation of a value in a commodity.
Example:
manufacturing of car from steel.
Example:
manufacturing of car from steel.
Answered by
5
Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). It is the act of creating output, a good or service which has value and contributes to the utility of individuals.
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