Meaning of the Term “Production”
Define the term “Production”
Production-is any activities, which results in the creation of goods and services in order to satisfy human wants. In economics sense, production is for exchanging
In the general meaning production may mean the creation of goods and services for personal consumption. Production is not complete if there is no consumption.
Therefore, production involves activities which facilitate transfer of goods and services from the areas where they are produced to where they are demanded for consumption Example of such activities which facilitate transfer of goods and services are:Transportation,communication,warehousing,banking,advertising,insurance,marketing
Different Types of Goods
Explain the different types of goods
Different Factors of Production
Identify the different factors of production
Different Types of Costs of Production
Explain the different types of costs of production
How Division of Labour and Specialization Affect Production
Explain how division of labour and specialization affect production
Importance of Production
Discuss the importance of production
Production in its Branches and Main Occupations
Classify production in its branches and main occupations
- What is the difference between production and commerce?
- What commercial activities do you see being carried out in your own area?
- Discuss the factors of production and their characteristics.
- Relationships between Production Branches
- Show the relationships between production branches
Show the relationships between production branches