Keyword Analysis & Research: define production in business

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What does production mean in business?

Production is the process (or processes) a firm uses to transform inputs (e.g. labor, capital, raw materials) into outputs, i.e. the goods or services the firm wishes to sell. Consider pizza making. The pizzaiolo (pizza maker) takes flour, water, and yeast to make dough. Similarly, the pizzaiolo may take tomatoes, spices, and water to make pizza sauce.

What is business production?

Production and operations management talks about applying business organization and management concepts in creation of goods and services. Production. Production is a scientific process which involves transformation of raw material (input) into desired product or service (output) by adding economic value.

What are the means of production?

The means of production of a society refers to all of the physical and abstract elements, aside from people, that go into producing goods and services. These include natural resources, machines, tools, and distribution systems, such as shops and the internet.

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