Question

48. What is the economic process or activity of producing goods and

services? *
O A. Entrepreneurship
B. Factors of production
O C. Production
D. Scarcity

Answer 1

O C. Production

Step-by-step explanation:

Production is the organized activity of combining different materials (inputs) to make consumable goods and services. It is the process of converting resources to finished products and services for sale. Production occurs to meet the demand for the goods and services in the market.

Entrepreneurship involves the generation of an idea and transforming it into a profitable business. Factors of production are the inputs necessary for making goods and services. These factors of production (inputs) are the ingredients in the production process.