Question
Using the factors of production to make one product always means that _____.
it is possible to make too many of that product
a nation can make more money
fewer resources are left to make something else
a company may experience a shortage of materials
Answers
GPT-4o mini
Using the factors of production to make one product always means that **fewer resources are left to make something else**.
This concept highlights the idea of opportunity cost, where dedicating resources (land, labor, capital, and entrepreneurship) to the production of one good reduces the ability to produce other goods.
This concept highlights the idea of opportunity cost, where dedicating resources (land, labor, capital, and entrepreneurship) to the production of one good reduces the ability to produce other goods.