Production Flashcards
1
Q
What is Production?
A
It is concerned with where and how goods and services are produced
2
Q
Name the 3 types of production.
A
Primary production, Secondary production, and tertiary production
3
Q
What is primary production?
A
New material (natural resources) are used to produce goods
4
Q
What is secondary production?
A
The raw materials are turned into finished goods
5
Q
What is tertiary production?
A
Provides services for the benefit of others. It’s divided into commercial and direct services
