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In economics, production takes place only when

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Economics JAMB 2005

In economics, production takes place only when

  • producers sell to retailers
  • value has been added to a commodity checkmark
  • modern equipment is used
  • consumption has taken place

The correct answer is: B

Explanation

Production is fundamentally about transforming inputs (raw materials, labor, etc.) into outputs (finished goods) that have greater value. This process adds value to the commodity, making it more useful or desirable to consumers. While, Consumption is the end of the production cycle, not a prerequisite for it.

 

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