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Discuss one of the four types of scarce resources and how you would use that resource most effectively.

Discuss one of the four types of scarce resources and how you would use that resource most effectively.

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Discuss one of the four types of scarce resources and how you would use that
resource most effectively.

Expert Solution
Step 1

Introduction

The market economy is supported by factors of production, which are the resources required to generate or develop finished goods and services. In economics, land, capital, labor, and entrepreneurship/enterprise are the four main production elements. In contemporary economics, time and information are also regarded as contributing variables.

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