Meaning of Production:
Production in Economics refers to the manufacture of those goods and services that have exchange value. This means the creation of utilities. Such utilities are in the nature of form utility, place utility and time utility. Manufacture of such utilities outcomes in overall raise in the production and redistribution of goods and services in economy. Utility of a commodity might rise due to numerous reasons.Form Utility:
When the physical form of a commodity is altered, its utility might raise. For illustration, the utility of cotton rises, if it is transformed to clothes. The other illustrations are processing of paddy into rice, butter into ghee and wheat into flour.Place Utility:
When a commodity is transported from one place to the other, its utility might increase. For illustration, when rice is transported its utility will be more.Time Utility:
When the commodity is stored for future practice, its utility might rise. During rainy season, water is stored in reservoirs and it is employed at later time. This augmented the utility of that stored water. Agricultural commodities such as paddy, oilseeds, wheat, pulses are stored for regular utilizations of consumers all through the year.Possession Utility:
Commodities in the transaction procedure, transform from one person to the other. Commodities in the hands of producers encompass some utility and by the time they arrive at consumers via traders and their utility is augmented. Such utility due to ownership or transfer of ownership of the commodity is termed as possession utility. For illustration, paddy in the hands of producers, that is, farmers encompass less utility as compared to that of the rice in the hands of consumers.
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Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Production help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Production, project ideas and tutorials. We provide email based Production help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Production. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of Economics assignments, which may help you to solve your complex issues of Production. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
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