What is the meaning of Production?
Production is the conversion of input into output. The factors of production and all other things which the
producer buys to carry out production are called input. The goods and
services produced are known as output. Thus production is the activity
that creates or adds utility and value.
In the words of Fraser
"If consuming
means extracting utility from matter, producing means creating utility into
matter".
According to Edwood Buffa
“Production is a process by which
goods and services are created"