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WAEC Commerce 2008 Question 3

Question 3

Production

Production is defined as

  1. A.an industrial activity
  2. B.creation of utilities
  3. C.the exchange of goods and services
  4. D.changing of raw materials into finished goods.
Show the answer and explanation

Answer: B (creation of utilities)

Explanation

Production is the creation of utilities (usefulness) to satisfy wants.