What is the production?

Production is the process of conversion of raw material into final finished goods which can be consumed. It involves factors of production, I.e. land, labour, capital and entrepreneur.

Production is the process by which any raw material like sugarcane is converted to final product like sugar which we use at home. It involves factors of production, like factory as land, labour as people working in a factory, capital as all machinery and infrastructure and entrepreneur as someone who took the risk and started this factory for sugar production.