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...E content for m com iv students subject business analysis and forecasting topic theory of production by dr sunita srivastava department commerce university lucknow meaning is a process combining various inputs to produce an output consumption it the act creating in form commodity or service which contributes utility individuals according james bates j r parkinsion organised activity transforming resources into finished products goods services objective satisfy demand such transformedresources factors function land short run long labor law returns capital variable scale proportion entrepreneur ulmer source enter are called simple words those things used applied good render these as follows means all gifts given nature us example surface earth soil forest oceans mountains climate etc eminent economists alfred marshal says that materials forces gives freely man s aid water air light heat thus natural taken categoryofland...