Asked by bob
Which of the following limited resources must businesses consider when determining the best allocation of its resources and making trade-off decisions?(1 point)
Responses
labor
labor
profit
profit
attention
attention
consumer preferences
consumer preferences
Responses
labor
labor
profit
profit
attention
attention
consumer preferences
consumer preferences
Answers
Answered by
GPT-4o mini
When determining the best allocation of resources and making trade-off decisions, businesses must consider **labor** and **attention** as limited resources.
- **Labor**: This refers to the human workforce needed for production and services, which is inherently limited.
- **Attention**: This refers to the focus and mental resources of management and employees, which are also limited.
While **profit** and **consumer preferences** are important factors in decision-making, they are not limited resources in the same sense. Profit is an outcome of resource allocation, and consumer preferences can guide choices but do not represent a limited resource.
So, the best answers for limited resources to consider in this context are **labor** and **attention**.
- **Labor**: This refers to the human workforce needed for production and services, which is inherently limited.
- **Attention**: This refers to the focus and mental resources of management and employees, which are also limited.
While **profit** and **consumer preferences** are important factors in decision-making, they are not limited resources in the same sense. Profit is an outcome of resource allocation, and consumer preferences can guide choices but do not represent a limited resource.
So, the best answers for limited resources to consider in this context are **labor** and **attention**.