ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The type of production used to make the product
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How the product is produced
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Labour or Capital production methods
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All of the above
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Detailed explanation-1: -Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals.
Detailed explanation-2: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
Detailed explanation-3: -Production is the process of producing goods and services to satisfy human wants. The product is the result of the process. The four factors of production are land, capital, labour, and organisation.
Detailed explanation-4: -The four factors of production are land, labor, capital and entrepreneurship.
Detailed explanation-5: -There are three common types of basic production systems: the batch system, the continuous system, and the project system. In the batch system, general-purpose equipment and methods are used to produce small quantities of output (goods or services) with specifications that vary greatly from one batch to the next.