PRODUCTION.
Hey Guys, Today is a
new day. We are going to learn something new. We are focusing on the above
mentioned topic today, so sit back, relax and learn something today.
PRODUCTION.
Production is any activity engaged in to create goods and
services, and to distribute these goods and services till it reaches the final
consumer. In order words, It is making of goods and services available to the
consumers who are willing to pay for them in order to satisfy human wants. It
is also the creation of utility.
STAGES OF
PRODUCTION.
There are three stages of production and they include:
1. PRIMARY STAGE OF PRODUCTION- It is a
process of obtaining raw materials/resources from the Land, Sea or River. It is
also called EXTRACTIVE STAGE. This
mostly involves agricultural produce or Petroleum produce, for example Farming,
Fishing, Mining etc.
2. SECONDARY STAGE OF PRODUCTION- It is the
process of turning these raw materials into finished goods by way of
Manufacturing. For example, the process Tomato Fruit undergoes in the factory
to become Paste that is put in tin as Tin Tomato etc.
3. TERTIARY STAGE OF PRODUCTION- It is the
distribution of finished goods and services to the consumers. The people
involved in this are:
