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WAEC Economics 2008 Question 3

Question 3

Theory of Production

Production covers all the following except when

  1. A.utility is created
  2. B.a good is manufactured
  3. C.a commodity is consumed
  4. D.individual wants are satisfied.
Show the answer and explanation

Answer: C (a commodity is consumed)

Explanation

Consumption is using up goods; it is the end of production, not part of it.