DEFINITION OF PRODUCTION

Production is the process of transforming raw materials into finished goods, including the distribution and provision f. goods and services to satisfy human requirements. Production is said to be incomplete until goods produced get to the final consumers.

Goods are said to be of two types namely – capital goods Such as machines, cars, raw materials etc. and consumer goods such as milk, garri, rice and the service of Teachers, Lawyers, Doctors etc.

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