Question

What is the economic importance of resources?

Answer 1

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The economic importance of resources is:

1.An economy is a system of institutions and organizations that either help facilitate or are directly involved in the production and distribution of goods and services. 

2.Economic resources are the inputs we use to produce and distribute goods and services. 

3.The precise proportion of each factor of production will vary from product to product and from service to service, and the goal is to make the most effective use of the resources that maximizes output at the least possible cost. 

4.Misallocation or improper use of resources may cause businesses, and even entire economies, to fail.

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