Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
Production is the process of combining various tangible and intangible inputs (plans, knowledge) to produce things for consumption (outputs). It is the act of creating output, product, or service that is of value and contributes to an individual's benefit.
The area of economics that focuses on production is called production theory and is intertwined with consumption (or consumption) theory in economics.
The Four Elements of Production
Production processes and outputs result directly from the productive use of original inputs (or factors of production). Land, labor, and capital, known as primary goods or services, are considered the three basic elements of production.
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