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Meaning of production and utility ,types of utility:

Answer Text:
PRODUCTION.
Meaning of production:
Production: refers to the creation of goods and services to satisfy human wants.
Utility: refers to the ability of a product to satisfy human wants or the satisfaction that a person
derives from using certain goods or services.
Types of utility:
1)Form utility: refers to changing of a commodity from raw materials to finished goods. Created through manufacturing and processing that changes a raw material to finished goods.
2)Time utility: Refers to availing goods and services at the appropriate time. Created by storing the commodity until when it is required.
3)Place utility:Refers to transferring of goods and services to the place where they are need by the customers. Created by
transporting the commodity to where they are required.
4) Possession utility: Refers to changing of the possession of goods from seller to the buyer . created through buying and selling.