Which of the following will be accomplished by efficient allocations of the factors of production?

Step 1: Define the Problem

Identify the key components of the question that need to be addressed:

• Understand what efficient allocation of factors of production means.
• Determine the outcomes or accomplishments of such efficient allocation.

Step 2: Break Down the Problem

Divide the problem into smaller, manageable parts:

1. Define "efficient allocation of factors of production."
2. Identify potential outcomes of efficient allocation.

Step 3: Apply Relevant Concepts

Use appropriate academic theories or formulas to solve each part of the problem:

• Efficient Allocation: This refers to the optimal distribution of resources (land, labor, capital, and entrepreneurship) to maximize output and minimize waste.
• Outcomes: Typically includes increased productivity, economic growth, and improved standards of living.

Step 4: Analysis, Verify and Summarize

Analyze each part in detail if necessary, carry out the calculations by steps. Verify the calculations result and summarize the findings:

• Efficient allocation leads to the most productive use of resources, resulting in higher output and economic efficiency.
• It can also lead to better resource utilization, reduced costs, and increased competitiveness in the market.

Final Answer

Efficient allocation of the factors of production will accomplish increased productivity, economic growth, and improved standards of living by ensuring optimal resource utilization and minimizing waste.