Multiple Choice
Which factor of production most negatively affected open range cattle ranching in the late 19th century?
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0. Basic Principles of Economics
Factors of Production
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Which term describes the assignment of a specific resource to a specific task in the production process?
A
Scarcity
B
Specialization
C
Opportunity cost
D
Marginal utility
Verified step by step guidance1
Understand the key terms given in the problem: Scarcity, Specialization, Opportunity cost, and Marginal utility.
Recall that Scarcity refers to the limited availability of resources relative to wants, not the assignment of resources to tasks.
Recognize that Opportunity cost is the value of the next best alternative foregone when making a choice, which is related to decision-making but not specifically about resource assignment.
Know that Marginal utility measures the additional satisfaction gained from consuming one more unit of a good or service, which is about consumer preferences rather than production processes.
Identify that Specialization is the term used to describe the assignment of a specific resource to a specific task in the production process, improving efficiency by focusing on particular activities.
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