The allocation of resources can take account of the total effects on society.
There can be full employment of factors of production.
There can be inflation.
There can be international trade.
The payment of interest on a bank loan
The profit declared by a company in its annual report
The skill of the managers of a business
The taxes paid to the government
The decisions of consumers only.
The decisions of firms only.
The decisions of consumers and firms.
The decisions of consumers, firms and government.
Capital replaces labour and land.
Labour replaces capital and land.
Land replaces capital and enterprise.
Land replaces capital and labour.
50 units of clothing
100 units of clothing
200 units of clothing
250 units of clothing