Answer:
- A product is a tangible item that is put on the market for acquisition, attention, or consumption, while a service is an intangible item, which arises from the output of one or more individuals.
- The central problem of 'How to Produce' deals with which production technique to employ in the production of the decided goods and services. That is, whether to employ labour intensive technique or to employ capital intensive technique of production.
Explanation:
= ℎ [7]. In a similar vein, Factors of production include Land and other natural resources, Labour, Factory, Building, Machinery, Tools, Raw Materials and Enterprise [8].
