Production Process:

Production is a process that transforms factors of production or inputs (land, labour, capital and entrepreneurship) into output of goods and services. Goods are tangible items or physical things that we can teach and see with our eyes such as television, shirts and rice. Services, on the other hand are intangible thing or things we cannot touch, such as medical service, teaching, transportation and concerts.  A production process is not complete until the good or service reaches the final consumer.