Question

Optimum use of resources means

Answer 1

Answer:

Optimum Utilization of Resources Management utilizes all the physical & human resources productively. This leads to efficacy in management. Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses.

Answer 2

Answer:

The principle suggests that the choice of an efficient combination of variable factors depends on two things, viz., the marginal productivity of different factors and their prices. Only by making a comparison between factor prices and productivity it is possible to choose an optimum combination of resources