Lecture 1 and 2
What is production Production is a process of transforming raw materials to finished goods using other resources namely human, machines and equipments, space, time, money, technology and information. Production is a process of adding value to materials adding utility to their materials Production is a flow of goods and services provided by flow of information. Standard of Living Is an extent to which man can provide himself and his family with basic necessities and some luxuries to sustain and enjoy life. Basic necessity are food, clothing, shelter, education, hygiene and security. Food is required to restore energy spent in working and living Clothing and shelter are required to protect from climatic conditions and body cleanliness. Education is required to develop hidden potential, enrich skill, to have an opportunity to get employment. Hygiene is required for protection from diseases and good health. Security is of 2 types Economic - is security against loss of opportunity to get an...