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JAMB Economics 1980 Question 2

Question 2

Theory of Production

Production in Economics occurs when

  1. A.a commodity or service is sold
  2. B.utility is created or added
  3. C.a commodity is manufactured
  4. D.raw materials are produced or extracted from mines
  5. E.all of these.
Show the answer and explanation

Answer: E (all of these.)

Explanation

Production is any activity that creates or adds utility, which includes extracting, manufacturing and selling (distribution), so all the options describe production.