Production involves transforming raw materials into finished goods and services to satisfy human wants. It includes three main types of systems: job production which produces custom goods in small batches; batch production which produces limited batches of different products; and mass production which produces large volumes of standardized goods continuously. Productivity measures the efficiency of production by calculating the ratio of outputs to inputs. It indicates how effectively production converts inputs like materials, labor, and capital into outputs like goods and services. Entrepreneurship is the process where entrepreneurs identify business opportunities, organize ventures, assume risk to profitably provide goods or services. Entrepreneurs are innovative, bring together resources, create value and wealth. Their key characteristics include risk-