Which term best describes the allocation of resources such as land and labor?

The best term that describes the allocation of resources such as land and labor is resource management. Resource management refers to the efficient and effective deployment of an organization's resources when they are needed. It involves planning, organizing, directing, and controlling organizational resources to achieve specific objectives. This includes managing physical resources like land and labor to maximize production and minimize waste.

Scarcity instead deals with the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It highlights the limitations and challenges in resource allocation but does not define the actual process of allocating resources.

Production focuses on the process of combining inputs—such as labor, land, and capital—to create goods and services, rather than on the allocation of those inputs themselves.

Economies of scale refer to the cost advantages that a business obtains due to scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output. This concept relates to production efficiency rather than directly to the allocation of resources.

Thus, the correct answer captures the essence of how resources are managed and allocated within the context of agribusiness or any business setting.