CBSE Class 11-commerce Answered
what are the difference between consumption, production and distrubution?
Asked by sanjeevnayan3 | 25 May, 2019, 03:20: PM
Expert Answer
The following is the diffrence between Consumption, Production and Distribution:
Consumption: is the process of using goods or services by deriving utility from it and thereby satisfying our wants.
Production: is an activity undertaken, where raw materials are converterd into a finished good with the use of factors of production such as land, labour etc.
Distribution: It is an economic activitywhich involves the distribution of incomes across various factors of prodution and the output of goods and services that is produced for consumers.
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