Question

What do firms do in an economic system? a. Minimize their use of scarce resources b....

What do firms do in an economic system?

a. Minimize their use of scarce resources

b. Minimize their use of goods

c. Change resources into goods

d. Change goods into resources

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Homework Answers

Answer #1

the correct option for the given statement is OPTION - C

Reason-

  • firms in an economy changes the resources or the productivity of the resources to make the goods.firms or the production sectors uses various resources  like Land,Labor,capital and entrepreneurs and their capability to ultimately make/produce goods.
  • production sectors/firm ultimately provide the flow of goods and services in the economy in lieu of money.
  • therefore the third/C option is the most suitable option among the other options.
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