Meaning:

Production involves the use of various inputs or factors services to produce output. In economics production means transformation of inputs into outputs, in other words production is a process of changing the form of inputs or adding utility to the goods. In economics, production refers to the process of combining various inputs (like labor, capital, and raw materials) to create goods or services. This is a concept how economies function, as it deals with the creation of value and the transformation of resources into products that can be sold or used. The types of production are.

 Professor J.R hicks defines production as any activity whether physical or mental which is directed to the satisfaction of other people wants through exchange.

 Types of production:

• Primary production
• Secondary production
• Tertiary production
• Short-term production.
• Long-run Production.

• Primary production: It is carried out by extractive industries like agricultural, forestry, fishing, mining and oil extraction. this industry are engaged in such activities as extracting gifts of nature from the Earth surface from beneath the Earth surface and from the ocean.
• Secondary production: This includes production in manufacturing industries that is turning out semi furnished and finished goods from raw materials and intermediate goods. conversion of flour into bread or iron ore into finish steel they are generally describe as manufacturing and construction industries such as the manufacture of cars, furnishing clothes and chemical as also engineering and building.
• Tertiary production: Industries in the tertiary sector produces all those service which enable the finish goods to be put in the hands of consumer in fact the services are supplied to the firm in all types of industrial directly to consumer example traders, banking, insurance, transport and communication, government services, law, administration, education, health and defense are also included.
• Short run  production: The production take place for a short term where there is only availability of changing variable factor and fixed factor remained constant this kind of production is called short run production it is the period which is vice versa to long run.
• Long run production: This production is opposite to short run production under long production producer is free to change variable factors and fixed according to his will of production this period is for long terms where investment is huge .huge production and the yield is also take a long period.

Characteristics of Production:

• Scale: The size of production, which could be small-scale or large-scale.
• Efficiency: The degree to which inputs are effectively used to maximize output and minimize waste.
• Productivity: The output produced per unit of input, often measured as labor productivity.
• Quality: The standard of the final product, which can affect market demand and pricing.
• Cost: The total expenses involved in production, including fixed and variable costs.

also read: explain the consumers equilibrium under indifferent analysis.