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In economics, production refers to the process of transforming tangible inputs, such as raw materials, and intangible inputs, such as ideas, into goods and services. In this sense, the process creates an output. Along with production comes costs, including those related to land, labor, capital, and management, all of which are required to produce the output. Two important forms of production are market production and household production. Market production involves providers of goods and... więcej
Salem Press Encyclopedia, 2023. 2p.
