Advertisements
Advertisements
Question
Choose the correct term for the given definition. 'An activity which creates an economic value'.
Options
Development
Consumption
Distribution
Production
Solution
Production
Explanation:
Production refers to creating goods and services that have economic value. It involves transforming inputs such as labour, land, and capital into finished products that can be sold or consumed in the market.
RELATED QUESTIONS
Explain time utility with an example.
Identify the incorrect statement from the following:
A farmer in Punjab transports wheat from the farm to a flour mill. Is this activity considered as production? Why?
What do you mean by factors of production?
What are the four basic factors of production?
According to 'Adam Smith' production means production of material goods only.
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.
