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WAEC Economics 2002 Question 4

Question 4

Theory of Production

Subsistence production means that goods and services are

  1. A.produced for consumption only
  2. B.sold to others
  3. C.sold in the country
  4. D.produced for the market
Show the answer and explanation

Answer: A (produced for consumption only)

Explanation

In subsistence production, the producer makes goods mainly for his own and his family's consumption, not for sale.