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.
Frequently asked questions
What is the correct answer to this question?
Making goods or services
Why is this the correct answer?
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.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Business, Trade and Commerce. Topic: Classification of business activities.
