In Economics production is complete when

Assessment: WAEC SSCE - Economics - 1992 (Objective) Subject: Economics

Question 1 Report

In Economics production is complete when
Answer Details
In economics, production is complete when goods and services reach the consumer. The production process starts with the conversion of raw materials into finished products, which are then distributed through the supply chain to retailers, wholesalers, and finally to consumers. Production is not complete when goods are produced in factories, sold to wholesalers or retailers, or when prices are fixed for goods and services. These are important steps in the production and distribution process, but they do not represent the end goal of production, which is to satisfy the needs and wants of consumers. Therefore, the correct answer is - "goods and services reach the consumer".

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