ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -production system, any of the methods used in industry to create goods and services from various resources.

Detailed explanation-2: -Production is the process of making or manufacturing goods and products from raw materials or components. In other words, production takes inputs and uses them to create an output which is fit for consumption – a good or product which has value to an end-user or customer.

Detailed explanation-3: -Steps of the technological design process include: identify a problem, research the problem, generate possible solutions, select the best solution, create a model, test the model, refine and retest the model as needed, and communicate the final solution.

Detailed explanation-4: -A computer-aided manufacturing (CAM) software system determines the steps needed to produce the component and instructs the machines that do the work. Because CAD and CAM programs can “talk” with each other, companies can build components that satisfy exactly the requirements set by the computer-generated model.