Choose the correct statement ........

Economics (CUET) Introduction

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Choose the correct statement.

A technique of production which would maximize output or minimize cost should be used.

Human wants are limited.

Resources are abundant.

Resources do not have alternative uses.

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Explanation:

Option (1) is correct.
Explanation: Since resources are scarce, an inefficient technique of production, which would lead to wastage and high cost, cannot be applied. A technique of production which
would maximise output or minimise cost should be used. We generally consider two types of techniques of production: labour- intensive and capital-intensive techniques.
more labour In labour-intensive technique, and less capital is used. In capital-intensive technique, more capital and less labour is used.