JAMB - Economics (2005 - No. 31)
In economics, production takes place only when
producers sell to retailers
value has been added to a commodity
modern equipment is used
consumption has taken place
Açıklama
Production is fundamentally about transforming inputs (raw materials, labor, etc.) into outputs (finished goods) that have greater value. This process adds value to the commodity, making it more useful or desirable to consumers. While, Consumption is the end of the production cycle, not a prerequisite for it.