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- Dictionaryproduction/prəˈdʌkʃn/
noun
- 1. the action of making or manufacturing from components or raw materials, or the process of being so manufactured: "banning the production of chemical weapons" Similar
- 2. the provision of something for consideration, inspection, or use: "members are entitled to a discount on production of their membership card" Similar
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“Production is the organised activity of transforming resources into finished products in the form of goods and services; the objective of production is to satisfy the demand for such transformed resources”.
Definition: Production is the method of turning raw materials or inputs into finished goods or products in a manufacturing process. In other words, it means the creation of something from basic inputs.
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals. [1] .
Jan 17, 2021 · What is Production? In economics, Production is a process of transforming tangible and intangible inputs into goods or services. Raw materials, land, labour and capital are the tangible inputs, whereas ideas, information and knowledge are the intangible inputs. These inputs are also known as factors of production. Also Read: Production ...
Ans: According to James Bates and J.R. Parkinson “Production is the organized activity of transforming resources into finished products in the form of goods and services; and the objective of production is to satisfy the demand of such transformed resources”.
Production involves a number of important decisions that define the behavior of firms. These decisions include, but are not limited to: What product or products should the firm produce? How should the products be produced (i.e., what production process should be used)? How much output should the firm produce?
PRODUCTION definition: 1. the process of making or growing goods to be sold: 2. the amount of something that is made or…. Learn more.
PRODUCTION meaning: 1. the process of making or growing goods to be sold: 2. the amount of something that is made or…. Learn more.
Production involves a number of important decisions that define the behavior of firms. These decisions include, but are not limited to: What product or products should the firm produce? How should the products be produced (i.e., what production process should be used)? How much output should the firm produce?
: the act or process of producing. b. : the creation of utility. especially : the making of goods available for use. 3. : total output especially of a commodity or an industry. 4. often attributive : something not specially designed or customized and usually mass-produced. a production car.
