Get premium membership and access questions with answers, video lessons as well as revision papers.

Explain the meaning of production.

      

Explain the meaning of production.

  

Answers


Martin
-Production in economic terms generally refers to as the ‘transformation’ of inputs –productive resources (labour, capital, raw material, technology & time) into outputs-what it sells (goods and services Production is not the creation of matter but it is the creation of value.

-A production function describes the technical relationship that transforms inputs (resources) into outputs (commodities).
marto answered the question on April 16, 2019 at 12:30


Next: List three examples of fourth generation programming languages.
Previous: Explain what a production function describes.

View More Production Economics Questions and Answers | Return to Questions Index


Learn High School English on YouTube

Related Questions