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economic production

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economic production

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Also known as produce, producing, production, production tool

planned economic activity of creating or transforming goods or services

AI overview

Economic production is the planned activity of creating or transforming goods and services to meet people's needs and wants. It matters because it's how societies generate the things we use every day, from food and clothing to transportation and healthcare.

AI-generated from the Wikipedia summary — may contain errors.

Wikidata facts

Subclass of
economic activity
Image
Minsk Tractor Works MTZ open day 2021 — assembly line 06.jpg
Said to be same as
creation
Show 6 more facts
facet of
economy
described by source
Granat Encyclopedic Dictionary
different from
production
topic's main category
Category:Production economics
Commons category
Production
P8168
Třešovice
Sources (4)

via Wikidata · CC0

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Encyclopedic overview

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Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally, this output will be a good or service which has value and contributes to the utility of individuals. The area of economics that focuses on production is called production theory, and it is closely related to the consumption (or consumer) theory of economics.

Excerpted from Wikipedia’s “economic production” article, available under the CC BY-SA 4.0 licence.

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