GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The process of deciding how best to use a business’s resources to produce goods or provide services
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entrepreneurs
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role
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principle
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management
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Explanation:
Detailed explanation-1: -Resource allocation is a process and strategy involving a company deciding where scarce resources should be used in the production of goods or services.
Detailed explanation-2: -Entrepreneurship is the process of creating and managing a business to achieve desired objectives.
Detailed explanation-3: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
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