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Turning inputs such as raw materials and capital into products and services is known as what?
AProduction carried out by the firm
BPurchasing carried out by the firm
CScheduling carried out by the firm
DMarketing carried out by the firm
Answer & Solution
Correct answer: A. Production carried out by the firm
1. Production is the creation of products and services and is an essential function in every firm.
2. It works by turning inputs into outputs.
3. Purchasing buys the inputs and marketing sells the outputs, so both sit on either side of production rather than being production itself.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 10 "Achieving World-Class Operations Management", section 10.1 Production and Operations Management_
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