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In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
What is the most efficient combination of resources in producing any output?
The most efficient combination would be one which uses the smallest total quantity of all resources
Encourages businesses to be efficient in their use of resources?
Competition
What encourages businesses to be efficient in their use of resources?
competiton
What encourages businesses to be efficient in the use of their resources?
competiton
Why do countries adopt unitary system?
The unitary system of government is typically adopted because it is a more cost efficient system. Not only is it more modestly priced, but it is also very economical in terms of personnel and material resources.
What is the definition of Lean Manufacturing?
Lean manufacturing is a term that describes a philosophy of optimizing time, resources and effort in order to be more efficient and improve the quality of the product.
In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
What does it mean if a machine is efficient?
An efficient machine is one that can produce the desired output with minimal wasted resources, such as time, energy, or materials. Efficiency is measured by how well a machine can convert inputs into outputs while maximizing output and minimizing waste.
Which three things interact to develop resources for human satisfaction?
Natural resources, technology, and human labor interact to develop resources for human satisfaction. Natural resources provide the raw materials, technology transforms them into usable products, and human labor ensures the efficient production and distribution of these goods and services.
A survey of resources for efficient guidance and counseling service in tertiary institutions?
A survey of resources for efficient guidance and counseling service in tertiary institutions?"
What does economising of resources means?
it means optimum utilisation of resources or efficient management of resources as to maximise output.
What word describes ''use resources carefully''?
carefully describes how good luck
What is the management of the money materials and resources of a government?
The management of money, materials, and resources of a government is known as public financial management (PFM). It involves planning, directing, monitoring, and controlling government finances to ensure efficient allocation and use of resources. This includes budgeting, revenue generation, expenditure management, and financial reporting to achieve economic stability and public welfare. Effective PFM promotes transparency, accountability, and sustainability in the use of public resources.
What is the most efficient combination of resources in producing any output?
The most efficient combination would be one which uses the smallest total quantity of all resources
Encourages businesses to be efficient in their use of resources?
Competition
What encourages businesses to be efficient in their use of resources?
competiton
