Choose whether the statement is true/false:

The aim of production is to produce the goods and services that a consumer wants.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
The aim of production is to produce the goods and services that a consumer wants.
The main objective of the production sector is to produce the commodities and services we want. There are four needs for the production of items and services. The first necessity is the island and other gifts of nature, such as water, minerals, forests, etc. The second requirement is labour, individuals who will perform the task. Some production activities need highly educated people to complete the work required. Other activities need workers who can perform manual tasks. Every worker is serving the labour necessary for generations. The third necessity is physical capital, the type of input required at every stage during the era.

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