Podcast
Questions and Answers
Which of the following best describes the term 'production'?
Which of the following best describes the term 'production'?
- The act of purchasing materials for a firm
- The process of converting raw materials into finished products (correct)
- The distribution of finished products to consumers
- The marketing and advertising activities of a firm
What represents the items that a firm is going to convert to a finished product?
What represents the items that a firm is going to convert to a finished product?
- Throughput
- Conversion
- Input (correct)
- Output
Which factor of production is responsible for providing raw materials such as bauxite and agricultural produce?
Which factor of production is responsible for providing raw materials such as bauxite and agricultural produce?
- Labor
- Entrepreneurship
- Capital
- Land (correct)
What is the term used to describe the process of converting raw materials into another product?
What is the term used to describe the process of converting raw materials into another product?
In which stage of the production process does the conversion of raw materials into another product take place?
In which stage of the production process does the conversion of raw materials into another product take place?
What are the four major decisions made in production?
What are the four major decisions made in production?
What represents the raw materials or components of production?
What represents the raw materials or components of production?
Which factor of production is responsible for providing raw materials such as bauxite and agricultural produce?
Which factor of production is responsible for providing raw materials such as bauxite and agricultural produce?
What is the term used to describe the end product of processing raw materials into another product?
What is the term used to describe the end product of processing raw materials into another product?
Which stage of the production process involves adding value to factors of production by converting them into another product?
Which stage of the production process involves adding value to factors of production by converting them into another product?
