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Production in Economics Quiz

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Questions and Answers

Which of the following is considered as production in Economics?

Preventing a child from falling into a manhole on the road

Singing a song before friends

Tilling of soil (correct)

Painting a picture for pleasure

What is the definition of Production in Economics?

Creation of matter

Creation of utility in matter (correct)

Creation of infrastructural facilities

None of the above

Which process is considered the creation of utilities in the form of goods and services in Economics?

Production (correct)

Distribution

Exchange

Consumption

What statement about production in Economics is true?

The services of a doctor are considered production Signup and view all the answers

Which activity is NOT considered production in Economics?

Holding a child who is falling from a wall Signup and view all the answers

What is the primary goal of Production in Economics?

Adding value through creation of goods and services Signup and view all the answers

What is the objective of production?

To transform resources into finished products Signup and view all the answers

Which component is essential for production?

Intention Signup and view all the answers

What does production exclude?

All of the above Signup and view all the answers

What do factors of production refer to?

Inputs Signup and view all the answers

Which factors make it possible to produce goods and services?

Land, Labour, Capital and Entrepreneurial ability Signup and view all the answers

Which factor of production is considered a free gift of nature?

Land Signup and view all the answers

Study Notes

Production in Economics

Production is the creation or addition of utility to goods and services.
Activities that create utility are considered production in economics, such as performing an art in a theatre.

Characteristics of Production

Production involves transforming resources into finished products in the form of goods and services.
The objective of production is to satisfy the demand of transformed resources.

Factors of Production

Factors of production refer to the inputs or resources that make it possible to produce goods and services.
The four factors of production are:
- Land: a free gift of nature, natural resources, and limited in supply.
- Labour: human effort.
- Capital: man-made resources.
- Entrepreneurial Ability: the ability to organize and manage resources.

Characteristics of Land

Land is a free gift of nature.
Land is immobile.
Land is limited in supply.
Land's productive power is indestructible.
Land is heterogeneous, meaning no two pieces of land are alike.
Land's usefulness depends on human efforts.
Land is a passive factor.

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Description

Test your knowledge on production in economics with this quiz. Determine what is considered production in economics and understand the concept of creating or adding utility. Choose the correct answer from a multiple-choice question format.