Question

Choose the correct statement.

पर्याय

• A technique of production which would maximize output or minimize cost should be used.

• Human wants are limited.

• Resources are abundant.

• Resources do not have alternative uses.

Answer 1

A technique of production which would maximize output or minimize cost should be used.

Explanation:

Because resources are limited, an inefficient production approach that results in waste and excessive costs cannot be used. A production approach that maximises output while minimising expense should be employed. We distinguish between two sorts of production strategies: labor-intensive and capital-intensive procedures. More labour and less capital are used in labor-intensive techniques. More capital and less labour are used in capital-intensive techniques.