The correct answer is b) production and manufacturing.
Production refers to the processes involved in creating goods and services. It covers everything from the initial concept to the final product, including the use of resources, labor, and technology. Manufacturing, on the other hand, specifically denotes the process of converting raw materials into finished products through various methods and practices.
While formation, design, and transformation can relate to different aspects of goods and services, they don’t capture the full scope of what is involved in their creation. Formation might suggest the establishment of something, design relates to planning or architecting a product, and transformation refers to changing one form into another. Therefore, production and manufacturing are the most accurate terms for describing the overall process of creating goods and services.