What is production, consumption and distribution?
1) Production - It refers to a process wherein the inputs/raw material are converted into final goods or services.
2) Consumption - It refers to the utilisation of goods and services by the individuals with the aim of satisfying their needs and wants.
3) Distribution- In economics, it can be defined as the allocating or distributing the final goods and services among the different segments of population.
2) Consumption - It refers to the utilisation of goods and services by the individuals with the aim of satisfying their needs and wants.
3) Distribution- In economics, it can be defined as the allocating or distributing the final goods and services among the different segments of population.