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Q.

Mention if the givens statement is true or false:

Production is transforming raw materials into consumable final completed commodities.

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a

True

b

False

answer is A.

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Detailed Solution

The given statement is true.
Making products or offering services to the public is referred to as production. It involves the use of raw materials to convert into final goods. The entrepreneur uses capital, labour, and land to generate commodities that the public needs and wants. The land's rent and the labour's wages are compensated for their contributions to the production process. Production involves several different procedures to produce the goods and services, making the most use of the available resources firms on production function productivity and profits.

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