Uncategorized

What do you mean by economizing the use of resources?

By User
On

The term “economizing resource utilization” refers to using resources in such a way that the maximum output is achieved per unit of input.
It also refers to the most efficient use of resources.

Final answer:
Hence, using the resources in the most efficient way is known as economizing.

Related Posts:

  1. What do you understand by consumer's equilibrium? Explain consumer's equilibrium in the case of a single commodity.
  2. What is the fundamental difference between a relation and a function? Is every relation a function?
  3. What is maximum price ceiling? Explain its implications.
  4. What is the maximum number of partners that a partnership firm can have? Name the Act that provides for the maximum number of partners in a partnership firm.
  5. What is the difference between the money market and the capital market?
  6. How do Multinational Corporations (MNCs) interlink production across countries? Explain with examples.