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Q.

Choose the statement that is true/false:


The aim of production is to produce the goods and services to generate the wealth that we want for ourselves


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a

True

b

False 

answer is A.

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Detailed Solution

The above statement is true.
The production adds value to a commodity, such as when steel is used to manufacture automobiles. Production of items and services requires four factors: land, labour, physical capital, and human capital. A place's economy engages in production for various reasons; in this example, Palampur does so to raise its income and improve the quality of life for its residents. In addition, it derives its revenue from the industrial processes, giving its members the money they need for maintenance and financial security.
  
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