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Production

Mining, production directly from natural resources

Mining, production directly from natural resources
Courtesy of Benny Bedlam

Production is the economic process that converts inputs, or factors of production into outputs, or products in the hope for exchange. Production may include all economic activities that involve value-adding processes, depending on your own perception.

Production is the only way to accumulate wealth from a global perspective, for all economies and all people. It's the only way to bring ourselves welfare and happiness.

Production is measured as a "rate of output": given a limited period of time, say a year, how much outputs is produced.

Urban services and manufacturing supplied for a fee are counted in production

Urban services and manufacturing supplied for a fee are counted in production, because it involves value adding processes.
Courtesy of Richard Beda

Does it count as production when Shakespeare writes an poem published? Well, yes and no. In strict economic terms, no. Though the poem is a result of creative work, demanding some solid effort to be produced, and may well bring enjoyment to many people, it is not intended for exchange, thus incuring no economic value, therefore cannot be held as economic production.

Many of its kind derive themselves as no production but do contribute to the global welfare. Working in your garden, planting vines and watering flowers generates no economic value cause' they are just for your own leisure. Nevertheless, both you and your neighbors benefit by breathing in fresher air.

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