Question

The factors of production attempt to instill the idea that resources are

Answer 1

The second alternative is correct.

The production of a material good requires production inputs and human labor. These are the two factors of production. The work depends on the qualification, which in turn depends on the complexity of the production, being scarcer as the production is. The productive inputs come from the resources available for the transformation of the raw material into a consumer good. Of course, most recourses are scarce, so economic theory aims to allocate resources so that the best productive and distributive use is achieved.

Answer 2

The factors of production attempt to impart the idea that the resources are scarce in nature.

Further explanation:  

The factors of production are the primary input resources that are used in the production process by a firm. A firm allocates the factors of production in the best possible way so as to achieve a maximum level of output. This depicts that the factors of production are scarce in nature and must be utilized efficiently in the production process.

Justification for the correct and incorrect answer:

expensive: This option is incorrect.

The factors of production are not expensive in nature as they receive the factor income consistent with their contribution to the production process. A factor of production that has contributed more to the production process will receive a higher level of factor income than those factors that have contributed just marginally.

scarce: This option is correct.

The factors of production are actually scarce in nature as they represent the resources used in the production process by the firm. The scarce nature of factors of production ensures that the firm utilizes these factors of production in the best possible way to maximize the output.

unlimited: This option is incorrect.  

The factors of production do not impart the idea that the resources are unlimited. Rather the efficient use of factors of production by the firms to get the maximum level of output depicts the fact that the resources are limited.

needed: This option is incorrect.

The factors of production do not impart the idea that the resources are needed. The factors of production are substitutable up to an extent and the firm could use more of one and less of others. This does not explain that all resources are very much needed in the production process by the firms.  

Therefore, resources are scarce is the idea imparted by the factors of production.  

Learn more:

1. Learn more about factors

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2. Learn more about resource management activity

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3. Learn more about the inflation rate and economy

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Answer details:  

Grade: Senior School

Subject: Economics

Chapter: Introduction to Micro Economics

Keywords: the factors of production, attempt to, instill, the idea that, resources are, scarce, expensive, needed, unlimited, factors of production as resources, a firm allocates the factors of production in the best possible way, maximum level of output, utilized efficiently in the production process.