Question

why production is essential ?
please answer correct​

Answer 1

Answer:

(a) Production:

For an economy to exist, production of goods and services is very essential. The standard of living or the consumption standard of the people depends, in the ultimate analysis, on the volume and variety of production. In fact, performance of an economy is judged by the level of its production.

Answer 2

Answer:

Any increase in production leads to economic growth as measured by Gross Domestic Product or GDP. ... Entrepreneurs combine all the factors of production, including buying the land or raw materials, hiring the labor, and investing in the capital goods necessary to bring a finished product to market

Explanation:

Hope this may help you....