BUSINESS STUDIES CHAPTER 4 TOPIC: PRODUCTION
PRODUCTION Introduction to production Production refers to the creation of goods and services or increasing their usefulness to become more satisfying. For example, transforming raw materials into finished goods, storing them until they are needed, and transporting them to where they are required. Terms the learner should know Human wants are the desires of an individual. Satisfaction of human wants is the meeting of individual desires , and the ability of goods and services to satisfy human wants is referred to as utility. Types of Utilities There are four different types of utilities: (i) Form utility This is changing the form of a commodity by converting raw materials ...
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