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Explain the meaning of production.

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-Production in economic terms generally refers to as the ‘transformation’ of inputs –productive resources (labour, capital, raw material, technology & time) into outputs-what it sells (goods and services Production is not the creation of matter but it is the creation of value.

-A production function describes the technical relationship that transforms inputs (resources) into outputs (commodities).

marto answered the question on April 16, 2019 at 12:30

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Explain the meaning of production.

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