CHAIN OF PRODUCTION
Products: Goods and services (or even the ideas) produced by an individual or a
company, to satisfy needs and wants of the customers.
Production: An activity with serves to satisfy human needs and wants. It means
changing the form of resources and adding value to them according to the desires
of the consumers. The aim of production is to fulfill human needs and wants.
Chain of production: Involves a series of stages, which add value (added value is
equal to selling price less cost of materials) to the end product.
Production chain is the steps taken to convert raw materials into goods. It
combines all the three stages of production (primary, secondary and tertiary) and
ends when the form of good is changed. Production cycle completes only when
goods reach to the point of consumption, example to the consumer.
Products: Goods and services (or even the ideas) produced by an individual or a
company, to satisfy needs and wants of the customers.
Production: An activity with serves to satisfy human needs and wants. It means
changing the form of resources and adding value to them according to the desires
of the consumers. The aim of production is to fulfill human needs and wants.
Chain of production: Involves a series of stages, which add value (added value is
equal to selling price less cost of materials) to the end product.
Production chain is the steps taken to convert raw materials into goods. It
combines all the three stages of production (primary, secondary and tertiary) and
ends when the form of good is changed. Production cycle completes only when
goods reach to the point of consumption, example to the consumer.
