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production (goods (consumer goods: which are goods for every day, non…
production
goods
consumer goods: which are goods for every day
non-durable goods: whic are consumed soon after they are bought or just used
capital goods: which are goods used to produce other goods
durable goods: wich have a longer life and can be used repeatedly
factors of production are the resources needed to produce goods and services
labour: the human input is the production proces
capital: all man-made resources
land: the production site and all the natural resources
enterprise: the combination of the other three factors by entrepreneurs
production process
trasformation process
output: finished goods and services
input: raw materials and machinery
three major sectors of pruduction:
secondary or manufacturing: trasformation of raw materials into finished products
tertiary or services: the prevision of services
primary or extractive: production of raw material from nature witout any processing
production
production is the process of making and supplying goods and services in order to satisfy people