(a) What is production? (b) Illustrate with a labeled diagram the main divisions and subdivisions...
COMMERCE
WAEC 1998
(a) What is production?
(b) Illustrate with a labeled diagram the main divisions and subdivisions of production.
Explanation
(a) Production is the transformation of raw materials into finished goods and distribution to the consumers to satisfy their wants. It involves the making of goods and services to satisfy human wants. Production can also be defined as the act of making goods and services available to the public, i.e creation of utility.
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