Term:
Production – SNA
Definition:

Production is an activity carried out under the control and responsibility of an institutional unit that uses inputs of labour, capital, and goods and services to produce outputs of goods or services. There must be an institutional unit that assumes responsibility for the process and owns any goods produced as outputs or is entitled to be paid, or otherwise compensated, for the services provided. A purely natural process without any human involvement or direction is not production in an economic sense.

Domain:
Economics & National Accounts
Source:
SNA (SNA 6.15 [1.20 5.4, 6.6]
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