Study of Production
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Question (English)
The study of how the producer chooses what and how to produce for the market is called:
- Consumption
- Production ✓ Correct
- Distribution
- Exchange
Explanation:
Correct Answer Explanation
The study of Production is about how the producer chooses what and how to produce for the market.
Key Points:
- Manufacture of goods by producers for the market is Production.
- Producers include farmers, manufacturing companies, service providers.
- Production decisions involve resource allocation.
Why Other Options Are Wrong
- A (Consumption): Concerns buying decisions.
- C (Distribution): Concerns income division.
- D (Exchange): Not one of the three conventional divisions.
📚 About this Topic — CH-1: Introduction
This multiple choice question is from CH-1: Introduction, NCERT Books, Statistics for Economics. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-1: Introduction to strengthen your preparation.
