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Definition of Production - SS1 Economics Past Questions and Answers - page 1

1

What does production mean?

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A

Creation or manufacturing of goods and services

 

B

Marketing of goods and services

C

Delivery of goods and services

D

None of the above

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2

Which of the following is an input to production?

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A

Finished goods

 

B

Sales revenue

C

Raw materials

D

All of the above

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3

What is the ultimate goal of production?

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A

Maximizing profits

 

B

Meeting customer needs

C

Increasing market share

D

All of the above

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4

Which of the following is an example of a service?

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A

Car

 

B

Book

C

Restaurant meal

D

None of the above

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5

What is the term used to describe the process of transforming inputs into finished products or services?

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A

 Distribution

 

B

Marketing

C

Production

D

Sales

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6

Define production in simple terms.

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7

What are the inputs required for production?

 

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