What is Production?
Production may be defined as the transformation of raw materials into finished goods and the distribution and provision of goods and services in order to satisfy human wants.
It can equally be said that production is the creation of utility, while utility is the ability of any commodity or service to satisfy human wants. Production is said to be completed when the goods and services produced reach the final users or consumers. Raw materials on the other hand are the unfinished goods or those materials put together in order to get a commodity. These raw materials are put together into finished goods through human efforts with or without the help of machines.
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