Which of the following will be accomplished by efficient allocations of the factors of production?

Asked by maham237 @ in Business viewed by 373 People

Which of the following will be accomplished by efficient allocations of the factors of production?
ensuring economic profitability
understanding whether a product will fail
fulfilling many needs and wants of society
replenishment of limited resources

Answered by maham237 @


Factors of Production assesses the inputs available to produce goods and provide services in an economy. These are considered to be 1. Land (available natural resources); 2. Labor (human input); 3. Capital (goods involved within the supply chain); and 4. Enterprise (organization of tasks and production). When the allocation of the factors of production is successful and effective then, 3. fulfilling many needs and wants of society will be the result.

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