Production Theory and Economics Quiz

Production is the process of combining various inputs, both material and immaterial, to create output.

The area of economics that focuses on production is called production theory.

The three fundamental factors of production are land, labour, and capital.

<p>Materials and energy are categorized as secondary factors under classical economics.</p> Signup and view all the answers

<p>Production theory is closely related to the consumption theory of economics.</p> Signup and view all the answers

<p>Production is the process of combining various inputs, both material and immaterial, to create output.</p> Signup and view all the answers

<p>Production theory is the area of economics that focuses on production and is closely related to consumer theory.</p> Signup and view all the answers

<p>The three fundamental factors of production are land, labour, and capital.</p> Signup and view all the answers

<p>Materials and energy are categorized as secondary factors as they are byproducts of land, labour, and capital.</p> Signup and view all the answers

<p>The ultimate goal of production is to create goods or services which have value and contribute to the utility of individuals.</p> Signup and view all the answers