PRODUCTION:
Production is fundamentally different from creation. Nature creates while man produces. Creation implies production of something out of nothing.
Production, on the other hand implies changing one commodity into another commodity i.e in common speech it is generally used to mean making of something.
Production is generally used as synonymous with manufacturing which means making something you can touch or handle, carry or transport.
But man cannot create or destroy matter i.e natural resources e.g. man cannot create coal it is nature that creates coal or man transforms wood into furniture but he cannot create wood. Therefore” Production is creation of utility having exchange value.”
Production is “creation or addition of value or wealth or creation of utility having value-in-exchange”.