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Hello Team,
The term factors of production relates to the key factors that go into making goods. It is common practice to break these down under a number of headings:Production is a process, and as such it occurs through time and space. Because it is a flow concept, production is measured as a “rate of output per period of time”. There are three aspects to production processes:
1. the quantity of the good or service produced,
2. the form of the good or service created,
3. the temporal and spatial distribution of the good or service produced.
A production process can be defined as any activity that increases the similarity between the pattern of demand for goods and services, and the quantity, form, shape, size, length and distribution of these goods and services available to the market place.
Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). It is the act of creating output, a good or service which has value and contributes to the utility of individuals
Regards,
Saiyid
