Production (economics)
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It has been suggested that this article be merged into Output (economics). (Discuss) Proposed since October 2012. |
In economics, production is the act of creating output, a good or service which has value and contributes to the utility of individuals.[1] The act may or may not include factors of production other than labor. Any effort directed toward the realization of a desired product or service is a "productive" effort and the performance of such act is production. The relation between the amount of inputs used in production and the resulting amount of output is called the production function.
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References [edit]
- ^ Kotler, P., Armstrong, G., Brown, L., and Adam, S. (2006) Marketing, 7th Ed. Pearson Education Australia/Prentice Hall.
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