"What is the importance of production? What are different types of production? Why is production important to the economy? What is the importance of production in business? The factors of production are the resources used in creating and producing a good or service and are the building blocks of an economy. If businesses can improve the efficiency of the factors of production, it stands to reason that they can create more goods at a higher quality and perhaps a lower price. It helps in creating value by applying labour on land and capital. Improves welfare as more commodities mean more utility, right? Production methods may be broadly classified as Job Production, Batch production and Mass or Flow Production. A production manager will have to choose most appropriate method for his enterprise. The final decision regarding any particular method of production is very much affected by the nature of the products and the quantity to be produced. So, it is important that we need to select the type of production suitable for our organisation, right? For that, don’t we need to study about the types of products? Let’s learn about the types of products, shall we?"

Saranya R Kurup

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