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why do private sector firms seeking profit will allocate scarce resources to the production of goods and services and will it be able to make good quality products for consumers?
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why do private sector firms seeking profit will allocate scarce resources to the production of goods and services and will it be able to make good quality products for consumers?

User Luca Guarro
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Answer:

Markets use prices as signals to allocate resources to their highest valued uses. ... Businesses also have dual roles—they supply goods and services and demand resources. The interaction of demand and supply in product and resource markets generates prices that serve to allocate items to their highest valued alternatives.

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Hope this helped.. ;)

User Tim Pigden
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