Market activity refers to production for
Answers
Explanation:
In a general sense, market production refers to the production of a product or service which is intended for sale at a money-price in a market. The product or service in principle has to be tradable for money.
Answer:
Explanation:
Market activities involve remuneration to any one who performs activity performed for pay or profit. These include production of goods or services including government service.
Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.The area of economics that focuses on production is referred to as production theory, which in many respects is similar to the consumption (or consumer) theory in economics.
Economic well-being is created in a production process, meaning all economic activities that aim directly or indirectly to satisfy human wants and needs. The degree to which the needs are satisfied is often accepted as a measure of economic well-being. In production there are two features which explain increasing economic well-being. They are improving quality-price-ratio of goods and services and increasing incomes from growing and more efficient market production or total production which help in increasing GDP.