The Collaborative International Dictionary of English v.0.48:

Production \Pro*duc"tion\, n. [L. productio a lengthening,
   prolonging: cf. F. production. See Produce. ]
   [1913 Webster]
   1. The act or process or producing, bringing forth, or
      exhibiting to view; as, the production of commodities, of
      a witness.
      [1913 Webster]

   2. That which is produced, yielded, or made, whether
      naturally, or by the application of intelligence and
      labor; as, the productions of the earth; the productions
      of handicraft; the productions of intellect or genius.
      [1913 Webster]

   3. The act of lengthening out or prolonging.
      [1913 Webster]

   Syn: Product; produce; fruit; work; performance; composition.
        [1913 Webster]

WordNet (r) 3.0 (2006):

production
    n 1: the act or process of producing something; "Shakespeare's
         production of poetry was enormous"; "the production of
         white blood cells"
    2: a presentation for the stage or screen or radio or
       television; "have you seen the new production of Hamlet?"
    3: an artifact that has been created by someone or some process;
       "they improve their product every year"; "they export most of
       their agricultural production" [syn: product, production]
    4: (law) the act of exhibiting in a court of law; "the appellate
       court demanded the production of all documents"
    5: the quantity of something (as a commodity) that is created
       (usually within a given period of time); "production was up
       in the second quarter" [syn: output, yield, production]
    6: a display that is exaggerated or unduly complicated; "she
       tends to make a big production out of nothing"
    7: (economics) manufacturing or mining or growing something
       (usually in large quantities) for sale; "he introduced more
       efficient methods of production"
    8: the creation of value or wealth by producing goods and
       services