Question : Production refers to
Option 1: Destruction of utility.
Option 2: Creation of utility .
Option 3: Exchange value .
Option 4: Use of a product.
Correct Answer: Creation of utility .
Solution : The correct option is Creation of utility.
The process of developing products and services that are useful or valuable to consumers is referred to as production. To create output, this Producing goods that fulfill the demands and needs of customers as well as those of society at large is the aim of production, which results in usefulness. This utility may be in the form of convenience, or problem-solving, among others.
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