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SS1: Economics – Theory of Production I | Theory Questions

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Question 1

What is meant by production?

Production refers to the creation of utility. It refers to any activity involving human efforts which leads to the satisfaction of wants.

Question 2

Highlight the types of capital

Types of Capital

  1. Fixed capital
  2. Physical capital
  3. Circulating capital
  4. Current capital
  5. Social capital
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