Which of the following statements is true about production of goods?
It results in a tangible output.
The statement that is true about production of goods is that it involves transforming natural resources into finished products that can be sold or traded. The production process may involve various steps such as extraction, processing, manufacturing, assembly, packaging, and distribution. The aim of production is to create value-added products that satisfy the needs and wants of consumers while generating profits for the producers. The productivity of production depends on various factors such as the availability and quality of inputs, the efficiency and effectiveness of production methods, the skills and knowledge of workers, the level of technology and innovation, and the market demand for the products. Efficient production systems can help to reduce costs, improve quality, increase output, and enhance competitiveness in the global economy.
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