The broad term of production refers to the activity or activities that are dedicated to the manufacture, elaboration or obtaining of goods and services.
Therefore, production can be defined as a complex process that requires different factors to carry out a series of activities. The human effort destined to create said benefit (materialized in a good or service) is what is known as work. In exchange for work, workers will receive capital or wages for their effort.
The productive factors we are talking about are mainly: land, labor, capital and technology. In order for production to be carried out, the company must assess the explicit or implicit needs of society and offer solutions through its goods and services.
The production that a company has is measured depending on the volume it has produced. The difference between the volume produced and the goods consumed will be the added value that has been applied to the resources. That is, according to production factors applied to said final production, we can determine the profitability of said company.
Productive activity makes it possible for production to take place. The production mode in which the company is organized means that it has a more or less effective production and with more or less efficient costs. However, for a long time, the modes of production have been various: slavery, feudalism, the capitalism, etc.
The latter is, today, the most important, since it has meant that the productivity associated with companies and a society in general is much more effective than other modes of production. It has also established differences between abundance and poverty.