ProductionA) is a process by which resources are produced. B) is a process by which resources are transferred into goods and services. C) only applies to manufacturing of goods. D) is carried on by corporations, but not by sole proprietorships

Question

Business

Alejandro Ellis

9 November, 13:22

ProductionA) is a process by which resources are produced. B) is a process by which resources are transferred into goods and services. C) only applies to manufacturing of goods. D) is carried on by corporations, but not by sole proprietorships

+1

Answers (1)

Know the Answer?

Kailey Meza · Answer 1

B) is a process by which resources are transferred into goods and services.

Explanation:

Production is the process of creating goods and services by use of the factors of production. The products produced may be for consumption by consumers or the production of other goods and services. The production process adds value to the inputs by turning them to goods and services able to satisfy the wants and needs of customers.

Land, labor, capital, and entrepreneurship are the factors of production.

Land refers to the fertile grounds used in agriculture. It is the space where commercial buildings and ventures are set up. Land includes minerals and naturally occurring resources used in production. Capital refers to assets, plants and machinery used in manufacturing other products. It includes financial resources used to establish and operate a business. Labor is the human contribution to the production process. It refers to the skills, experiences, and energy that people apply while working. Wages and salaries compensate for labor. Entrepreneurship is the process of generating, refining, developing, and converting a business idea into a profitable venture. The entrepreneur organizes the other factors of production to establish a business.