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DEFINITION AND MEANING OF PRODUCTION Production has diverse meaning, but the usage depends on the context in which it is used . Production in economics may be defined as the various economic activities aimed at the creation of goods and services and the distribution of these goods to the final consumers for the satisfaction of […]
Production is the changing of raw materials into finished goods and the distribution and provision of goods and services in order to satisfy human wants. Production is also referred to as the creation of utility. (Utility is the ability of any commodity or services to satisfy human wants). TYPES OF GOODS CAPITAL GOODS (PRODUCER GOODS): […]
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