These processes are as follows: Utility of Form There are various processes through which we can achieve the aim of utility creation or addition to ultimately satisfy human wants. We now know the meaning of production, that production creates or adds utility. In other words, production is not the creation of matter, which is also out of the realms of human powers. It is important to note that production cannot account for the creation of the seed, but it accounts for the transformation of the seed into a tree, the sale of the fruits grown on that tree and so on. Hence now you know why the service of transportation is a process of production too. Rather production also includes any service that can satisfy the wants of people. Production is not only concerned with the tangible aspect. However, the term production in Economics is more than what meets the eyes. In light of the above-mentioned facts, we can conclude that production is the process of working upon the resources of nature and pushing or creating their utilities in order to satisfy the wants of consumers. Evidently, the countries that have a high level of production accompanied by the production of a wide variety of goods, are termed as the golden economies. We are aware of the fact that utility is the want-satisfying power of any commodity or service. This is because raw goods, surely are valuable, but production done upon these raw goods adds up to their value or their want-satisfying power. In fact, a nation with a high level of productive activities spearheads the prosperity charts. Production is an activity of utter importance for any economy. 2 Solved Example on Meaning of Production Meaning of Production
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