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Explain the following activities involved in economics; (a) production of goods and services (b) consumption activities (c) exchange activities d) distribution

Explain the following activities involved in economics;
a) Production of goods and services
b) consumption activities
c) exchange activities
d) distribution

Answers

I) production of goods and services -refers to conversion of input into output hence creating utility

II) consumption activities -refers to the use of the created utilities. The consumer dictate what should be produced through its demand

III) exchange activities -refers to transfer of ownership of goods and services

IV) distribution -takes place in a factor market and involves activities such as payment of rewards

Wincate 1 answered the question on October 5, 2017 at 18:58

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Explain the following activities involved in economics; (a) production of goods and services (b) consumption activities (c) exchange activities d) distribution

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