Answer to Question #247151 in Macroeconomics for Arjun

Question

assume that your a family firm how can u utilize the limited resources to full fill your needs

Answer 1

Solution:

Normally your needs will always be more than resources available due to scarcity of resources. Therefore, you must satisfy your needs by selecting from the most urgent needs to the least since resources are limited and cannot permit you to satisfy all your needs.

You can achieve this by first listing all your needs and rank them according to how urgent or critical they are to you and your firm. Prioritize your needs starting with the most urgent ones to the least and satisfy them in that order.

This will allow you to utilize the limited resources to fulfill your needs efficiently.