SOCIETY WANTS TO USE ITS SCARCE RESOURCES EFFICIENTLY. TO ACHIEVE...

68. Society wants to use its scarce resources efficiently. To achieve this economic goal it must:→ have full employment and full production.have a fixed resource base and fixed technology.expand the use of capital goods and reduce the use of labor.increase the rental, interest, wage, and profit payments to the factors of production. AACSB: AnalyticBlooms: RememberDifficulty: 2 MediumLearning Objective: 01-05 Apply production possibilities analysis; increasing opportunity costs; and economic growth.Multiple Choice Question Topic: Production possibilities model