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Meaning of production

A layman understands the term ‘production’ as either growing crops or manufacturing of articles or making some material etc. In economic sense, production refers to the process of creating or adding utility into a matter or a thing in order to make it more useful to satisfy human wants. Therefore, the work of lawyers, teachers, accountants, etc., also account as production, since the services provided by them satisfy the wants of the people. Basically it is a process of converting inputs into output.

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