Question

Why is there a need for economising of resources? ( std 9 ke question hai Basic problem of an economy , short answer)

Answer 1

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. 

Answer 2

Answer:

Economising the use of resources means that resources are to be used in a manner, such that maximum output is realised per unit of input. (It also means optimum utilisation of resources).

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