Question

Use the drop-down menus to complete each sentence. Suarez Farms and Super-Phonic Systems had some difficult decisions about what to make, who to make it for, and how to make it. Each business first had to think about the kind ofor service it wanted to provide before considering if it was the best fit for. Finally, the companies had to take theirwants and needs into consideration. In making their decisions, both companies had to remember the factors of production: land or natural resources,, and capital.

Answer 1

Let's first complete the gaps. The corresponding explanation will be provided afterwards:

Each business first had to think about the kind of good or service it wanted to provide before considering if it was the best fit for consumers. Finally, the companies had to take theirwants and needs into consideration.

In making their decisions, both companies had to remember the factors of production: land or natural resources, labor, and capital.

• Businesses produce and offer goods and services in the markets, in order to satisfy the desires of consumers, that would subsequently come to those markets to buy products according to their preferences and budget. Therefore it is crucial for companies to pay attention to what the consumers are demanding, considering their wants and needs when designing their products (marketing function).
• The manufacturing process undertaken by a company to elaborate a certain product, would need some inputs for the obtention of a final goods. Those inputs are called factors of production and there are three types: land and natural resources (raw materials), labor (employees who conduct the necessary operations to transform raw materials in finished products) and capital (funding and also phsyical capital: machines, facilities).

Answer 2

Suarez Farms and Super-Phonic Systems had some difficult decisions about what to make, who to make it for, and how to make it. Each business first had to think about the kind of product or service it wanted to provide before considering if it was the best fit for the market. Finally, the companies had to take their customers' wants and needs into consideration.

In making their decisions, both companies had to remember the factors of production: land or natural resources, labor, and capital.