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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

Respuesta :

johnkellock
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. 
Parrain

When the factors of production are allocated efficiently, the result would be that it would be possible to fulfill many needs and wants of society.

The factors of production in a country such as labor, land, capital, and entrepreneurship, are needed to produce goods and services. When they are allocated efficiently:

  • They will be used to produce goods and services in the required quantities
  • People will be able to profit such that they will afford these goods and services

As a result of goods and services being produced and people being able to afford them, the people will be able to satisfy their needs and wants.

In conclusion, allocating factors of production efficiently ensures that needs and wants are fulfilled.

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