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Meaning and Characterstics of Factors of Production • Introduction In economics, production means addition of utility to the free gifts of nature. Utility in a commodity that can be created in various ways like form utility (by changing size, shape, colour or form of a commodity), place utility (by transporting a commodity from the place where it is in plenty to the place where it is in scarcity), time utility (added to the goods with the change of time), service utility (refers to those services of man that satisfy human wants), possession utility (by change in its possession) and knowledge utility (by increasing the people’s knowledge about the commodity). All those factors that are necessary to get the result of productive activity are called inputs or factors of production. • For more information visit and register at Extramarks website. https://www.extramarks.com/study-material/icse-class-10/economics-factors-of-production-meaning-and-characterstics-of-factors-of-production
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