The choice of the method of production in an economy is determined by the

The choice of the method of production in an economy is determined by the

  • A.
    level of technical know-how
  • B.
    rate of propulation growth
  • C.
    availability of natural resources
  • D.
    level of income
Correct Answer: Option A
Explanation

The method of production has to do with Processes and techniques that are used to manufacture a product. The preferred production method used in production is mainly determined by the level of technological advancement of the firm or industry as a whole. For an economy that is embracing technological changes and advancements, the technical know-how will greatly influnce the production technique.