Question

Which of the following best describes goods production? (1 point)

Answer 1

ANSWER: B) activities producing tangible products, such as radios, newspapers, buses, and textbooks

EXPLANATION: Goods production refers to the production of tangible articles from tangible raw materials as well as from intangible inputs such as ideas, knowledge and information, which will have a commercial value and will be beneficial for consumer use and exchange value. Such examples are Radios and Buses which are produced from tangible raw materials and Newspapers and Textbooks which are produced from Information and Knowledge gathered.

Answer 2

The goods production refers to activities producing tangible products, such as radios, newspapers, buses, and textbooks.

Further Explanation:

Justification for the correct and incorrect answer:

Activities producing intangible and tangible products, such as entertainment, transportation, and education: This option is incorrect.

The activities that produce tangible and intangible products are known as Service operations or service production. It includes the production of education and transportation.

Activities producing tangible products, such as radios, newspapers, buses, and textbooks: This option is correct.  

The activities that produce tangible products are known as goods operations or goods production. It includes the production of buses, magazines, and cars.

Production processes in which resources are broken down into components to create finished products: This option is incorrect.

The process of breaking down into components to create finished products is known as operation.

The systematic direction and control of the processes that transform resources into finished projects that create value and provide benefits to consumers: This option is incorrect.

The operation management is the process by which the resources are transformed into finished goods that will create value for the consumers.

Learn more:

1. Demand and supply diagram

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2. Demand curve

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3. Forecasting human resources supply

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Answer details:

Grade: High School

Subject: Business Studies

Chapter: Operation Management

 

Keywords: goods production, intangible and tangible products, such as entertainment, transportation, and education, such as radios, newspapers, buses, and textbooks, production processes,  resources are broken down, components, finished products, the systematic direction, and control, create value, benefits to consumers.