In business, production is the process of transforming inputs into outputs. In manufacturing, it refers to the creation of products from raw materials through the use of machines, tools and labor. In other industries, such as construction or agriculture, production may refer to the assembly or growth of goods. The goal of production is to… Read More
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The economy is a system of production, distribution, and exchange. It is the process by which goods and services are produced, distributed, and consumed. The economy is a complex system that consists of many different parts. The three most important factors in the economy are production, consumption, and exchange. Production refers to the process of… Read More
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