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...Mba sem i production meaning factors and law of diminishing return all right reserved prepared by anil kumar singh assistant professor department business administration sachchidanand sinha college aurangabad bihar notes prof ph introduction to is an important economic activity which satisfies the wants needs people method turning raw materials or inputs into finished goods products in a manufacturing process other words it means creation something from basic may also refer being produced for instance some call set at same time run economics transforming tangible intangible services land labour capital are whereas ideas information knowledge these known as definition according james bates j r parkinson can be defined organised physical resources outputs will satisfy society hicks whether mental directed satisfaction s through exchange concept converting include output includes act creating value that individuals organisations engage earning maximum profit difference between cost revenu...