Practicing Success
Statement 1: Production of goods and services is done by using factor services. |
Both the statements are true Both the statements are false Statement 1 is true and statement 2 is false Statement 2 is true and statement 1 is false |
Both the statements are true |
The correct answer is option 1: Both the statements are true Statement 1: Production of goods and services is done by using factor services. This is correct. Factor services, such as labor, capital, land, and entrepreneurship, are inputs used in the production process to create goods and services. Therefore, production involves utilizing factor services.
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