Which of the following will be accomplished by efficient allocations of the factors of production? a) ensuring economic profitability b) understanding whether a product will fail c) fulfilling many needs and wants of society d) replenishment of limited resources

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The correct answer is fulfilling many needs and wants of society.

Explanation:

By definition, a factor of production is any resource that is used to produce a good or service. The economic theory acknowledges the general scarcity of resources and their uneven distribution between countries, regions, and local producers. Thus, resource management always involves taking risks and calls for a thoughtful allocation when all factors are being efficiently employed.

The end goal of resource allocation is meeting the needs of society, which is fulfilling many needs and wants of society. The remaining answers represent what a producer can do to reach the ultimate objective. For instance, ensuring economic profitability means that firms and companies stay afloat and meet their customers’ demand.

Understanding whether a product will fail is a strategy used for finding the target audience. Lastly, replenishment is necessary for making the economy sustainable, which in turn, serves the interests of the people.

Economics graph and statistics. — Source: https://www.stfx.ca

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Academic.Tips. (2022) 'Which of the following will be accomplished by efficient allocations of the factors of production? a) ensuring economic profitability b) understanding whether a product will fail c) fulfilling many needs and wants of society d) replenishment of limited resources'. 29 March.

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Academic.Tips. (2022, March 29). Which of the following will be accomplished by efficient allocations of the factors of production? a) ensuring economic profitability b) understanding whether a product will fail c) fulfilling many needs and wants of society d) replenishment of limited resources. https://academic.tips/question/what-will-be-accomplished-by-efficient-allocations-of-the-factors-of-production/

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Academic.Tips. 2022. "Which of the following will be accomplished by efficient allocations of the factors of production? a) ensuring economic profitability b) understanding whether a product will fail c) fulfilling many needs and wants of society d) replenishment of limited resources." March 29, 2022. https://academic.tips/question/what-will-be-accomplished-by-efficient-allocations-of-the-factors-of-production/.

1. Academic.Tips. "Which of the following will be accomplished by efficient allocations of the factors of production? a) ensuring economic profitability b) understanding whether a product will fail c) fulfilling many needs and wants of society d) replenishment of limited resources." March 29, 2022. https://academic.tips/question/what-will-be-accomplished-by-efficient-allocations-of-the-factors-of-production/.

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Academic.Tips. "Which of the following will be accomplished by efficient allocations of the factors of production? a) ensuring economic profitability b) understanding whether a product will fail c) fulfilling many needs and wants of society d) replenishment of limited resources." March 29, 2022. https://academic.tips/question/what-will-be-accomplished-by-efficient-allocations-of-the-factors-of-production/.

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"Which of the following will be accomplished by efficient allocations of the factors of production? a) ensuring economic profitability b) understanding whether a product will fail c) fulfilling many needs and wants of society d) replenishment of limited resources." Academic.Tips, 29 Mar. 2022, academic.tips/question/what-will-be-accomplished-by-efficient-allocations-of-the-factors-of-production/.

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