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Is it efficient to allocate resources to the production of such products? Why or why not? (Essay Sample)
-Is it efficient to allocate resources to the production of such products? Why or why not? -In the production and consumption of these products, is there a unity between private and social interests? Why or why not? -Within the construct of the market system, could an economy influence the allocation of resources across products? How might an economy ensure that? source..
Resources Allocation Name: Institution: Production involves changing inputs into outputs though a series of steps. These inputs are most of the time the resources which go into the production of the products (Reisman,2006). For there to be quality goods, the allocation of the resources to the process of production has to be as efficient as possible. This ensures that the resources are optimally utilized, thereby reducing the wastage and bringing the cost of production down. In the production process of these products and their consumption, there is unity in the interests that are both private and those that are social. For the producers they are producing these products to gain as well as meet a need that the consumers have (Reisman,2006). As such the production and consumption process of these goods unites both t...
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