Question

3 Production refers to
(a) Transformation of (b) Transformation of
inputs into outputs labour into capital​

Answer 1

the answer is no (b) is the perfect answer.

Answer 2

Answer:

The answer is (b)

Production refers to transformation of inputs into outputs and labour into capital.

Explanation;

Production in Economic refers to an activity carried out under the control and responsibility of an institutional unit that uses inputs of labour, capital and goods and services to produce outputs of goods or services.

TYPES OF PRODUCTION.

1. Job production- in this type of production, items are made individually and each item is finished before the next one is started.

2. Batch production- This is where groups of items are made together.

3. Flow production - in this type of production identical, standardized items are produced on an assemble line of production.