Module 10 - Production

Module 10 - Production

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Production :- Production is the act of making things, in particular the act of making products that will be traded or sold commercially.

Production decisions concentrate on what goods to produce, how to produce them, the costs of producing them, and optimizing the mix of resource inputs used in their production.

The inputs or resources used in the production process . The inputs are usually grouped into four or five categories. These factors are:

1.

Raw materials

2.

Labour services

3.

Capital goods

4.

Land

5.

Entrepreneur

ProducFC

Production is simply the conversion of inputs into outputs. It is an economic process that uses resources to create a commodity that is suitable for exchange. This can include manufacturing, storing, shipping, and packaging.

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