Production
This refers to the creation, distribution of services to satisfy human wants or it is defined as all economic activities which provides goods and services to meet up with human wants.
Production is only complete when the goods or services reach the consumer. The services of a teacher, banker and transporters are part of the services.
Types
It refers to the creating of goods and services to satisfy human wants immediately or directly. An example is subsistence farming.
This is the creating of commodities to satisfy human wants indirectly i.e. the producer uses revenue from the sale of his product to obtain another commodity e.g. product for commercial purposes.
