JAMB - Economics (1979 - No. 3)
Production covers all but one of the following activities:
changing the position of a good in time as, for example, holding stock of goods until they are required
the provision of some kind of service e.g retailing
changing the form of a good from the raw material to the finished product
changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
the use of good and services to satisfy individual wants