Question 3 - MCQ Questions (1 Mark) - Chapter 1 Class 6 Economics - Introduction to Economics - Economics

What is the term used to describe the knowledge and skills used to produce goods and services?

A. Services

B. Goods

C. Resources

D. Technology

Answer:

Answer by Student

So, the correct answer is option (D) Technology .

Detailed Explanation by Teachoo

Let’s understand the meaning of each term and why they are correct or incorrect.

• Option (A) Services - Services are intangible activities that cannot be seen or touched. For example, teaching, banking, hairdressing, etc. So, this is incorrect .
  
  
• Option (B) Goods - Goods are physical, tangible objects that can be seen and touched. For example, bread, shirt, pen, ball, etc. So, this is incorrect .
  
  
• Option (C) Resources - Resources are the inputs or factors that are used to produce goods and services. For example, land, labor, capital, etc. So, this is incorrect .
  
  
• Option (D) Technology - Technology is the knowledge and skills used to produce goods and services. For example, machines, tools, methods, etc. So, this is correct .
  
  Thus, option (D) is correct .