Definition of Production - SS1 Economics Past Questions and Answers - page 1
What does production mean?
Creation or manufacturing of goods and services
Marketing of goods and services
Delivery of goods and services
None of the above
Which of the following is an input to production?
Finished goods
Sales revenue
Raw materials
All of the above
What is the ultimate goal of production?
Maximizing profits
Meeting customer needs
Increasing market share
All of the above
Which of the following is an example of a service?
Car
Book
Restaurant meal
None of the above
What is the term used to describe the process of transforming inputs into finished products or services?
Distribution
Marketing
Production
Sales
Define production in simple terms.
Production refers to the creation or manufacturing of goods and services using various inputs such as raw materials, labour, and capital.
What are the inputs required for production?
Inputs required for production include raw materials, labor, and capital.