Latest revision as of 13:59, 3 November 2017
[edit] Definition
1. 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.
2. Production is a process of workers 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.
[edit] Abbreviation
[edit] Synonyms
earning
[edit] Superterms
yield
[edit] Subterms
[edit] Sources
http://www.businessdictionary.com/definition/production.html (1.); https://en.wikipedia.org/wiki/Production_(economics) (2.)
Author: Charly Krüger