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What Is Production

Production involves transforming raw materials and other inputs through processes and methods to create goods and services. Productivity measures the efficiency of converting inputs into outputs, calculated by dividing average output by total costs or resources used. It indicates how efficiently inputs are used to produce outputs and is a key factor in determining cost effectiveness.

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Manik Karmakar
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36 views

What Is Production

Production involves transforming raw materials and other inputs through processes and methods to create goods and services. Productivity measures the efficiency of converting inputs into outputs, calculated by dividing average output by total costs or resources used. It indicates how efficiently inputs are used to produce outputs and is a key factor in determining cost effectiveness.

Uploaded by

Manik Karmakar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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# What is production ?

Ans: The processes and methods used to transform tangible inputs (raw materials, semi-finished

goods, subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services. Resources are used in this process to create an output that is suitable for use or has exchange. Input Production =.. Out put

# What is productivity ?
Ans : A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into
useful outputs. Productivity is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period. Productivity is a critical determinant of cost efficiency. Productivity = Value / Time

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