Which of the following is considered as production in economics?
(a) Tilling of soil
(c) Preventing a child from falling into a manhole on the road
(b) Singing a song before friends
(d) Painting a picture for pleasure
Answers
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Hello ❤️
Option A is correct..
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Trilling of soil is considered as production in economics.
What are the factors of the production of the economy?
Labor:
- Labor are the people who are responsible for the production
- They are paid for their work depending upon their skills
Land :
- Land is used for the cultivation of crops by the farmers
- It is the investment for the buildings and commercial purposes
Capital:
- It is used for the production of goods and services
- It is used to purchase various types of machinery and tools
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