PRODUCTION
CONTENT
- Meaning of Production
- Types of Production
- Stages of Production
- Factors Affecting Production
Meaning of Production
Production is any economic activity that is aimed at creation of goods and services for the satisfaction of human wants. Production also includes the distribution of goods to the final consumers. Production involves the creation of tangible goods such as books, vehicles furniture items, bags, footwear etc as well as services (intangible goods) which are capable of satisfying human wants e g services of teachers, lawyers, security officers medical personal etc.
Types of Production
Production is broadly divided into two: Direct Production and Indirect Production
1. Direct Production
This has to do with economic activities aimed at meeting household needs. It is usually carried out on small scale, employing mostly family labour. Examples are crop farming, poultry, fishing etc for house hold consumption only.
2. Indirect Production
This involves the production of goods and services on large scale for commercial purpose.
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ClassHall Instructor
Halima Ahmadu
Maryam