1. Provide the term for the following statements:
1.1
Businesses do not maximise output from the given inputs.
1.2. When businesses produce goods and services that consumers do not want.​

1. Allocative inefficiency.

2. Technical or productive inefficiency.

Explanation:

Factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.

The four factors of production are;

I. Land: this refers to the natural resources and raw materials extracted from the ground or grown in the soil e.g oil, gold, rubber, cocoa, etc.

II. Labor (working): this is the human capital or workers who are saddled with the responsibility of overseeing and managing all the aspects of production.

III. Capital resources: it includes the physical assets used for production of goods and services such as equipment, money, plant, etc.

IV. Entrepreneurship: it is intellectual capacity required to drive a business and the skills to develop an idea into a money making venture (business).

These four (4) factors of production when combined effectively and efficiently are used for the manufacturing or production of goods and services that meets the unending requirements or needs of the consumers.

In Economics, there are two types of inefficiency associated with the production of goods and services, these includes;

1. Allocative inefficiency: it occurs when businesses do not maximise output from the given inputs.

2. Technical or productive inefficiency: it occurs when businesses produce goods and services that consumers do not want.​ This is typically as a result of the incorrect and inefficient allocation of scarce resources by a business firm or entity.

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