Concept of Production and it nature and scope.

 There are many functions of business.These are production,demand forecasting,supplying,pricing,advertising, etc.Every function is important and play an important role for the development of common man.Among all production is the first and very important function because business starts from here.

Production-The process of changing raw material into finished goods with the help of plant and technology at continue basis this process is called production.

In other words we can say that production is process of changing resources into goods or service.

According to H.A. Harding-It is concerned with the process which convert the inputs into outputs various inputs such as men,material,money,method etc and the output such as goods or service.

Nature-There are many nature of production.These are as below-

1.It is an internal activity.

2.It is continuous activity.

3.It is a formal activity.

4.It is an essential activity.

5.It is future oriented activity.

6.It is technology base activity.

7.It is economical activity.

8.It is goal oriented activity.

9.It is positive function.

10.It is purposeful function.

Scope-

The scope of production is very wide.Some important scope is as below-

1.It increases the living standard of common man.

2.It fulfills the need,want,desire of consumers.

3.It provides many type of tax to state and central government that is used in nation building.

4.It generates employment.

5.It develops undevelop area because due to production other economic activities starts there.

6.It provides quality product at minimum price.

7.It supports other industry to produce quality products.

8.It supports other economic activities of economy.

9.It develops raw material producer.

10.It supports research and development activity.

So we can say that production directly or indirectly concerns every person,organization,industry,government and play an important role for their development

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