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.
Which will be accomplished by efficient allocations of the factors of 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.
Which of the following will be accomplished by efficient allocation of the factors of production quizlet?
Fulfilling many needs/wants of society will be accomplished when efficient allocations occur towards the factors of production.
What factors are considered when deciding goods and services?
Factors considered when deciding how to make goods and services are land, labor and capital . Explanation: In an economy, to make any goods and services in a better way we need three things – land, labor and capital.
Which is an example of a land resource?
Some common land or natural resources are water, oil, copper, natural gas, coal, and forests . Land resources are the raw materials in the production process. These resources can be renewable, such as forests, or nonrenewable such as oil or natural gas.
What must do before it begins the production process?
The crop would need land, water, and people as well as money and technology to begin the process. These elements need to be collected before going forward or the composition would fail.
How can the government reduce the wealth gap in a mixed market economy?
How can the government reduce the wealth gap in a mixed market economy? The government can control income levels by placing limits on how much citizens can earn . ... The government can tax members of the wealthy class at a lower rate to address differences in income.
Which statement best describes the impact of scarcity?
Answer Expert Verified The best way to describe the impact of scarcity would be when consumers must pay for higher prices for many items . This is a situation where there are unlimited wants have fully exceeded all of the limited resources.
What is one way that technology can improve the distribution of goods quizlet?
What is one way that technology can improve the distribution of goods? Workers can take Internet classes to gain new skills . Automation can create goods more cheaply and easily. ... Container ships can transport a number of goods at once.
What are the three main questions of economics addresses who should?
One of the three main questions of economics addresses who should: produce goods and services . market goods and services. receive goods and services.
Which factors are considered when deciding how do you make goods and services choose 3 answers?
Factors considered when deciding how to make goods and services are land, labor and capital . Explanation: In an economy, to make any goods and services in a better way we need three things – land, labor and capital.
What are the resources needed to produce goods and services?
4 Key Resources – The four basic kinds of resources used to produce goods and services: land or natural resources, labor or human resources, capital, and entrepreneurship .
What best illustrates deciding how do you produce a specific product?
The correct answer for your question is option (A)-Should we produce jeans with expensive machinery or less expensive labor . Before producing a product that going to hit the market one have to decide how to make it even better.
What are the 7 factors of production?
= 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].
What are the 5 factors of production?
The factors of production are land, labor, capital, and entrepreneurship .
What is land resources short answer?
Land resources mean the resources available from the land , thus the agricultural land which contain natural fertilizer for growth of the products sown; the underground water, the various minerals like coal, bauxite, gold and other raw materials.
