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Q.

Select if the given statement is true/false:

Production aims at creating goods and services that people want.

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a

True

b

False

answer is A.

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Detailed Solution

The given statement is true.
The given statement is true. Production refers to the process of the creation of the goods and services needed by the people. Goods and services become useful only when value can be added to them. There are different factors of production or agents of production that contribute to the process. There are four types of agents of production- Land, capital, labor, and entrepreneur that contribute to the production process.

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Select if the given statement is true/false:Production aims at creating goods and services that people want.