Scarcity

Accounting Is   the Language of Business Every business organization that has economic resources, such as money, machinery, and buildings, uses accounting information. For this reason, accounting is called the language of business. Accounting is considered an art It requires the use of skills and creative judgment. One has to be trained in this discipline to be able to perform accounting functions well.  Accounting is also considered a science  It is a body of knowledge.

Production –  Process of adding value to a product (using four factors of production – land, labour, capital and enterprise) to satisfy customer needs and wants.  Production is the effective management of resources in producing goods and services. The operations department in a firm overlooks the production process. It is the creation of utilities or the making of things using the available resources.