Answered: Discuss one of the four types of scarce…

Business

Management

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

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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Question

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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