The word “production” in economics is not merely confined to effecting physical transformation in the matter; it also covers the rendering of services such as transporting, financing, retailing etc. generally, a production is a transformation of physical input and physical output.
Production is sometimes defines as the creation of utility or creation of wants satisfying goods and services.
“Production should be defined not as creation of utility, but creation of (or addition) of value.”
——–K.K. Dewett
“Production means putting utility into.”
——-Fraser
In fine we can say that, through technical knowledge and intelligence the process of creating additional utility is called production.
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