Questions and Answers
Which of the following best describes the term 'production'?
The process of converting raw materials into finished products
What represents the items that a firm is going to convert to a finished product?
Input
Which factor of production is responsible for providing raw materials such as bauxite and agricultural produce?
Land
What is the term used to describe the process of converting raw materials into another product?
Signup and view all the answers
In which stage of the production process does the conversion of raw materials into another product take place?
Signup and view all the answers
What are the four major decisions made in production?
Signup and view all the answers
What represents the raw materials or components of production?
Signup and view all the answers
Which factor of production is responsible for providing raw materials such as bauxite and agricultural produce?
Signup and view all the answers
What is the term used to describe the end product of processing raw materials into another product?
Signup and view all the answers
Which stage of the production process involves adding value to factors of production by converting them into another product?
Signup and view all the answers
