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What is the correct meaning of production?

Answer and explanation

Correct answer: Making goods or services

Production is the process of converting inputs such as labour, materials, capital, and knowledge into goods or services that satisfy human wants. It is not limited to making physical products; preparing a service also involves production. Therefore option A is correct, while the other choices describe waste or inactivity.

Related tags

ProductionGoodsServiceClassification Of Business ActivitiesBusinessTrade And CommerceBusiness Trade And CommerceBusiness StudiesClass 11 Mcq

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