Which of the following best describes the term "Production" in economics?

All of the above

The correct answer is Option 4: All of the above.

All the provided options describe aspects of "Production" in economics:

1. Process of converting inputs into outputs: This is a fundamental definition of production, highlighting the transformation of resources into finished goods or services.

2. Which increases the value of intermediate consumption: Production processes often enhance the value of inputs, which can be seen in the creation of final products from raw materials.

3. Activity which results in value addition: Production adds value to raw materials through processing and manufacturing, which is a key concept in economic production.