Answered

Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Discover reliable solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

Factors of production have alternative uses. How?

Sagot :

GinnyAnswer

Final answer:

Factors of production are essential resources like land, labor, capital, and entrepreneurs that have alternative uses and can be substituted for one another.


Explanation:

Factors of production refer to the resources needed for the production of goods and services, including land, labor, capital, and entrepreneurs. These factors have alternative uses, as seen when one factor can substitute for another; for instance, a robot substituting for assembly-line labor. When one factor is not fully utilized, such as labor, production levels decrease, highlighting the impact of the misuse of factors. This signifies the importance of efficiently allocating factors of production to maximize output.


Learn more about Factors of production and their alternative uses here:

https://brainly.com/question/8541165


Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.