Question : Which activity is not included in production ?
Option 1: Production of wheat by a farmer
Option 2: Production of medicines by a company
Option 3: Services given by a nurse in hospital
Option 4: Services done by a house-wife in her own house
Correct Answer: Services done by a house-wife in her own house
Solution : Correct Answer is Services done by a house-wife in her own house
Producing goods and services to meet consumer demands is known as production. The process yields the final product. Land, capital, labor, and organization make up the four factors of production. A housewife's personal services performed in her own home are not counted toward production. Since we are aware that an economy only associates production with economic activities, this activity is referred to as a "non-economic activity."
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