Production of goods and services

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The meaning of production

  • Business convert inputs into more valuable outputs; this is referrred to as adding value.
  • Production means making goods or services.
  • Productivity refers to how effective resources are in producing goods.
  • Productivity rises when resources are used well.
  • More output is produced with more amounts of inputs.
  • Operations management is the term that describes the process of managing resources to add value.
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