Production covers all the following except when
Utility is created
A good is manufactured
A commodity is consumed
Individual wants are satisfied
Correct answer is C
Production is the organized activity of transforming resources into finished products in the form of goods and services; the objective of production is to satisfy the needs of the final consumer.
This production involves the identification of human needs, producing goods that have utility to satisfy humans. It doesn't involve when goods are consumed.
Productive resources can also be called
Principle of production
Factors of production
Items of production
Labour and material resources
Correct answer is B
Productive resources are otherwise known as factors of production. These are the resources used to produce goods and services. They include; land, labour, capital and entrepreneur.
The main concern of economists is to
Allocate scarce resouces to satisfy human wants
Satisfy all human wants
Redistribute income between the rich and the poor
Control the growth of population
Correct answer is A
No explanation has been provided for this answer.
Economic Commission for Africa
Economic Community of Africa
Exporting Countries of Africa
Economic Conference on Africa
Correct answer is A
No explanation has been provided for this answer.
Which of the following are examples of transfer payments?
Gifts and donations
Rents and rates
Profits and dividends
Internal and external debts
Correct answer is A
No explanation has been provided for this answer.