BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -1:"Production is the creation of utility."-this is a true statement. Utility refers to the want-satisfying power of a commodity or a service. 2:Production refers to a process of manufacturing commodities or rendering services which in turn provides satisfaction to human wants.

Detailed explanation-2: -Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

Detailed explanation-3: -Utility is a term used in economics to describe the value or worth of an item or service. The utility is more exactly the overall satisfaction or benefit obtained from using a good or service.

Detailed explanation-4: -The creation of utility is: A measure of the satisfaction a person receives in the use of goods. In other words, the level of usability that the consumer gets from any good. Help is a measure of how much one enjoys a movie, favourite food, or other goods.

Detailed explanation-5: -Form utility is created by the design of the product or service itself. The more precisely a good or service is targeted towards customer needs and desires, the higher its perceived added value (i.e., form utility) will be.