Production: Goals, Resources and Outcomes

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What is the main goal of production?

To satisfy human needs and wants.

Name three types of resources used in the production process.

Natural, human, and capital resources.

Give an example of a service.

Healthcare, education, or entertainment.

Name one sector, besides the private sector, where production can be organised.

Public sector, church, or NGO sector. Signup and view all the answers

What are mattresses and furniture, according to the text: goods or services?

Goods Signup and view all the answers

What is production?

Production is a process that converts inputs into outputs. Signup and view all the answers

What are the two main outcomes of production?

Goods and Services. Signup and view all the answers

What is a flow chart?

A flow chart is a visual representation of a process. Signup and view all the answers

Mention one way in which production helps the community.

Production allows community members to participate in economic and business activities. Signup and view all the answers

Why does production create value?

Production creates value because it transforms something less useful into something more useful, like raw honey into a marketable product. Signup and view all the answers

What is Production?

Creation of goods and services to satisfy needs and wants.

Examples of Goods

Food, clothing, cars, furniture, and computers.