Production, in an economic sense – the process of creating a product or venture our way

The concept of production characterizes specifically human type of metabolism with nature, or more precisely — the process of active transformation of natural resources into a product.

Modern social production includes not only material production but also the intangibles — the production of intangible goods and services (new scientific discoveries, technological inventions, public education, culture, art, health, domestic services, management, Finance, sports, etc.). The development of the intangible production and services crucially depends on the production of wealth — its technical equipment and the value of output.

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