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WAEC Economics 1995 Question 12

Question 12

Theory of Production

The term production in Economics means

  1. A.manufacturing of goods
  2. B.the creation of utilities
  3. C.giving birth to children
  4. D.the distribution of goods and services
  5. E.using labour in creating something
Show the answer and explanation

Answer: B (the creation of utilities)

Explanation

Production is the creation of utility: making goods and services that satisfy wants, including getting them to consumers.