Final answer:
In the planning process, a firm decides how to allocate its 'resources' to different products and services, recognizing the scarcity of these resources.
Step-by-step explanation:
In the fourth step of the planning process, the firm makes important decisions about how it will allocate its resources to its various products and services. The correct answer is d) resources. This decision-making process is critical because resources are not infinite or unlimited; rather, they are scarce and must be allocated efficiently to maximize benefit. The choices about what should be produced involve trade-offs, as focusing resources on one area, like education, might require scaling back in another, like health care.
Businesses must also decide how goods and services should be produced, which could involve choices between employing skilled versus unskilled workers, domestic versus foreign production, and using new or recycled materials. Because scarcity means resources are limited, firms and economies must make strategic decisions to best utilize their resources to meet the wants and needs of consumers.