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Business Economics - Production Laws, Business Economics

Production Laws

In common place the term production is associated with the creation of commodity or material. However this issue is-toss out, for it is a basic scientific truth that matter can neither be created nor be destroyed. All that man can do it to rearrange matter in such a way so that it made more useful. Production, therefore, means creation of utility. This aspect of production has been emphasized by Prof. Fraser who remarked: "if consumption means extracting utility from producing means putting utility in to."

Mere creation or increase in utility does not amount to production. Many human activities are useful as for instance the love and affection bestowed by a mother on her child creates utility, but is not offered for a price and therefore it is not regarded as production in the economic sense.

Utility itself is not amount to production without acceleration in the value of good. Thus increase in value of good is another essential ingredient of the productive process.

Utility or value cannot be introduced into good's from the outside by human labour. One can through his efforts only increase the value or utility inherent in the commodity. For instance it is not humanly possible to create coal, what to talk of providing heat. The heat creating property of coal is a latent quality of coal which it is beyond human ingenuity to create. Thus production implies the enhancement of utility and value.

"Production means nay activity whether physical or mental which satisfy the wants of other people through exchange. A farmer is a producer so is a trader. Production is activity that results in goods or services intended for exchange." Production is the making of goods or the rendering of part services, the essential elements of production are not the creation of material but merely the creation of value added. Only such additions to the utility should be regarded as production which beings about in the addition in the value of the goods, the exchange value of the goods in question goes up in terms of other books.

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