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What is the importance of production? |
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Answer» Production is important both from the individual and social point of view. An individual has infinite wants. In order to satisfy these wants, he requires a large variety of goods and services for his consumption. These goods and services are produced by a number of people or by himself. Production is important from the social point of view. If the volume of production is low in the country, the standard of living cannot be high. Production is the basis of the entire economy of the nation. It is on the basis of production that national income, economic development and industrial progress of a country depends. Thus from the social point of view production has great significance. |
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