The Scarcity of Factors of Production (Coursework Sample)
THE TASK INCLUDED THE ANALYSIS OF THE COURSE OUTLINE AND DEFINING THE EXPECTED LEARNING OUTCOME. THE COURSE OUTLINES HAD TO BE CHECKED AGAINST THE TEXT PROVIDED IN CLASS TO DETERMINE WHETHER THE CLASS MATERIAL WAS IN LINE WITH THE EXPECTED OUTCOMES. THE PAPER HAD TO BE WRITTEN IN APA SIXTH EDUCATION STYLE. THE ONLY REFERENCE MATERIAL REQUIRED WAS THE CLASS MATERIAL GIVEN BY THE CLIENT. THE CLIENT GAVE SPECIFIC INSTRUCTIONS ON AREAS OF FOCUS AND GIVEN INSTRUCTIONS ON THE PREFERRED VOCABULARY LEVEL.
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The Scarcity of Factors of Production
The scarcity of factors of production creates autonomous demand and supply for goods and services, which necessities the interaction between the government and the private sector. The interaction between the government and the private sector sparks a conflict-of-interest as the government is charged with the prudent use of resources to deliver quality services to the public. In contrast, the private sectors are interested in shareholder wealth maximization and sustainability. The conflict of interest creates a risk to the public as poor integration leads to immense loss and a lack of vital services. To hedge the risk, the government develops methods of ensuring that they gain maximum utility for any resources they expend towards a particular service to hedge the risk of loss. Some risk hedging activities include establishing professional contracting standards and intermittent follow-ups, which increase the quality of products and services.
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