Advertisements
Advertisements
Question
According to 'Adam Smith' production means production of material goods only.
Options
True
False
Solution
This statement is True.
Explanation:
According to Adam Smith, who is often considered the father of modern economics, production was primarily focused on creating material goods. His definition of production emphasized the production of tangible, physical goods that could be traded in the market. Smith's classical economics largely centered around producing and accumulating wealth through material goods.
APPEARS IN
RELATED QUESTIONS
Explain time utility with an example.
Choose the correct term for the given definition. 'An activity which creates an economic value'.
Identify the incorrect statement from the following:
What do you mean by factors of production?
What are the four basic factors of production?
Choose the correct term for the given definition.
Any activity which creates present and future utility.
Explain the meaning of production.
With the help of an example, explain the process of creation of form utility.
State three factors on which production depends.
'Land is the original source of all material wealth' in this context explain four determinants that influence the productivity of land.
