n the questions given below, there are two Statements marked as Assertion (A) and Reason (R).Read the Statements and Choose the correct option:Assertion: The aim of production is to produce the goods and servicesReason: Every production is organized by combining land, labour, physical capital and humancapitalOptions:A. Both (A) and (R) are true and (R) is the correct explanation of (A).B. Both (A) and (R) are true but (R) is not the correct explanation of (A).C. (A) is correct but (R) is wrong.D. (A) is wrong but (R) is correct.
Question
n the questions given below, there are two Statements marked as Assertion (A) and Reason (R).Read the Statements and Choose the correct option:Assertion: The aim of production is to produce the goods and servicesReason: Every production is organized by combining land, labour, physical capital and humancapitalOptions:A. Both (A) and (R) are true and (R) is the correct explanation of (A).B. Both (A) and (R) are true but (R) is not the correct explanation of (A).C. (A) is correct but (R) is wrong.D. (A) is wrong but (R) is correct.
Solution
The correct answer is B. Both (A) and (R) are true but (R) is not the correct explanation of (A).
Explanation: The aim of production is indeed to produce goods and services that meet the needs and wants of consumers. This is done by combining various factors of production such as land, labor, physical capital, and human capital. However, the reason given does not explain the aim of production. It merely states the process of production. The aim of production could be better explained by stating that it is to meet consumer demand, to earn profits, or to contribute to economic growth.
Similar Questions
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