Production in Economics is best described as the creation of:

1. Man cannot create matter; he can only add utility to things that already exist in nature. 2. Production therefore means creation or addition of utility, taking the form of goods and services. 3. So the correct description is the creation of utility. 4. Creating matter is impossible by the fundamental law of science, ruling out that option. _Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 3 Unit I "Theory of Production", p.2_