Production (economics)Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals. The area of economics that focuses on production is called production theory, and it is closely related to the consumption (or consumer) theory of economics. The production process and output directly result from productively utilising the original inputs (or factors of production).
SustainabilitySustainability is a social goal for people to co-exist on Earth over a long time. Specific definitions of this term are disputed and have varied with literature, context, and time. Experts often describe sustainability as having three dimensions (or pillars): environmental, economic, and social, and many publications emphasize the environmental dimension. In everyday use, sustainability often focuses on countering major environmental problems, including climate change, loss of biodiversity, loss of ecosystem services, land degradation, and air and water pollution.
Mass productionMass production, also known as flow production or continuous production, is the production of substantial amounts of standardized products in a constant flow, including and especially on assembly lines. Together with job production and batch production, it is one of the three main production methods. The term mass production was popularized by a 1926 article in the Encyclopædia Britannica supplement that was written based on correspondence with Ford Motor Company.
Production functionIn economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. One important purpose of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution of income to those factors, while abstracting away from the technological problems of achieving technical efficiency, as an engineer or professional manager might understand it.
Sustainability measurementSustainability measurement is a set of frameworks or indicators to measure how sustainable something is. This includes processes, products, services and businesses. Sustainability is difficult to quantify. It may even be impossible to measure. To measure sustainability, the indicators consider environmental, social and economic domains. The metrics are still evolving. They include indicators, benchmarks and audits. They include sustainability standards and certification systems like Fairtrade and Organic.
