passwella.
Menu

JAMB Economics 1986 Question 6

Question 6

Theory of Production

Production in Economics can be defined as the

  1. A.totality of producing, buying and consuming
  2. B.transformation of raw materials and services in order to provide ultimate utility
  3. C.transformation of raw materials and services in order to make maximum profit
  4. D.production of goods and services for consumption.
Show the answer and explanation

Answer: D (production of goods and services for consumption.)

Explanation

In economics, production means creating goods and services that satisfy human wants, that is, for consumption.