Production
A) is a process by which resources are produced.
B) is a process by which resources are transferred into goods and services.
C) only applies to manufacturing of goods.
D) is carried on by corporations, but not by sole proprietorships.

Question

Quizplus · Accepted Answer

Production refers to the process of transforming inputs (resources) into outputs (goods and services). This can apply to both the manufacturing of physical goods as well as the provision of services. It is not limited to corporations and can also be carried out by sole proprietorships, partnerships, and other types of businesses. Therefore, option B is the best choice.