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Question
The transformation of resources into economic goods and services is called ______.
Options
Technical efficiency
Augmentation
Production
Transfiguration
MCQ
Fill in the Blanks
Solution
The transformation of resources into economic goods and services is called Production.
Explanation:
Production refers to transforming resources (such as labour, land, and capital) into economic goods and services that satisfy human wants. This process involves combining various inputs to produce output, which can then be consumed or used to create further value.
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Production is Transformation
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