What is production? Please choose the answer that corresponds to your view.
- Economically speaking, production is the physical transformation of the factors of production - capital, land and labour - into useful goods and services
- Economically speaking, production is a function of time
- In order to understand economics, we must not understand production theoretically. Economists should merely study the exchange of products on markets; the theoretical understanding of production can be left to engineers and physicists
- Economically speaking, production is a movement in time
