What is Production?
Production:
Production is any procedure or process developed to transform a set of input tools as men, capital, materials, information and energy within a given set of output tool as finished products and services in appropriate quantity and quality, therefore achieving objectives of an enterprise. The concentrate of production is the creation of services and goods. There are four known factors of production, they are:
a. Nature: Land and some other material resources
b. Labour: Human efforts
c. Capital: Factory building, tools and machinery many more
d. Enterprise: activity which organizes some other factors of production