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JAMB Economics 2010 Question 43

Question 43

Theory of Production

The primary motive for an individual engaging in production is to

  1. A.make profit
  2. B.satisfy basic human wants
  3. C.redistribute wealth
  4. D.put inputs into use.
Show the answer and explanation

Answer: B (satisfy basic human wants)

Explanation

The basic purpose of production is to make goods and services that satisfy human wants.