Question

How do you define production?

• A. Production is the process of producing goods and services to satisfy human wants.
• B. Production is the process of producing only goods to satisfy human wants.
• C. Production is the process of producing only services to satisfy human wants.
• D. None of the above.

Answer 1

The correct option is A Production is the process of producing goods and services to satisfy human wants.

Production is the process of producing goods and services to satisfy human wants. The product is the result of the process. The four factors of production are land, capital, labour, and organisation.