What is the meaning of economising of resources why is there a need for economising resources?
Answers
Answer:
Economising of resources means optimum uses of resources or efficient management of resources. so in order to get maximum output there is a need for economising of resources.
Explanation:
Answer:
The meaning of economising of resources is the process of making choice between resources to make them optimumty useful in the presence of scarity.
Resources are the aspects that help create a good/service. These resources are the main factors of the production in any firm.
Economizing of resources is managing the resources in a way that the production is efficient and economic. It is important in order to:
(i) Resources are scarce.
(ii) Reach the point of break-even.
(iii) Achieve economies of scale.
(iv) Minimize losses.
(v) Increase profit.