Question

Name the activity that involves making of goods and services that a person needs.

Answer 1

Answer:

Production is an activity that involves making of goods and services that a person needs.

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Answer 2

Production is the activity that involves making of goods and services needed or demanded by individuals or consumers/buyers.

Explanation:

• The process of any commercial production involves transformation or conversion of productive resources and factors/inputs of production into final output or goods and services.
• Commercial production of goods and services is primarily aimed at fulfilling the needs and utility of consumers or buyers who will subsequently purchase those goods and services.
• Any economic or commercial practice or conduct that abide by the aforementioned objective or aim can be ideally considered as production in Economics.
• Production is an indispensable attribute of economic growth and progress of any country as without production of goods and services,the consumer or buyer demands and wants cannot be fulfilled and the national income or GDP level of the country will become stagnant.