Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. The area of economics that focuses on production is referred to as production theory, which in many respects is similar to the consumption (or consumer) theory in economics.
Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs. The