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
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Which of the following is an input to production?
Finished goods
Sales revenue
Raw materials
All of the above
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What is the ultimate goal of production?
Maximizing profits
Meeting customer needs
Increasing market share
All of the above
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Which of the following is an example of a service?
Car
Book
Restaurant meal
None of the above
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What is the term used to describe the process of transforming inputs into finished products or services?
Distribution
Marketing
Production
Sales
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Define production in simple terms.
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What are the inputs required for production?
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