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

Answer: The right option is Option 3: fulfilling many needs and wants of society

Explanation:

The main factors of the production of an economy are, land, labor, capital and entrepreneurship. These resources play an important role in the establishment of an economy, which people use to produce goods and services. In which land means available natural resources, labor means human inputs, capital means money or assets, whereas entrepreneurship means new business with new solutions. When the factors of production effectively allocated (to produce goods and services) among an economy, this will surely fulfills needs and wants of society more proficiently.