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How does the price system allocates resources efficiency?
The price system allocates resources efficiently because prices act as a kind of signal to both producers and consumers in terms of resource allocation. Resource allocation is utilized in strategic planning.
Explain how the market system allocates scarce resources?
Scarce resources are usually allocated to a given market system based on the demand. In most cases the resources are usually assigned to markets that have a great demand.
Command economic system?
it is that type of economy where by resource allocation is done mostly by the state and ther is limited individual intervention
How will the economy decide who gets the goods?
Usually, the price system does this rationing in a market economy.People who are willing to pay more plunk down their money and they get the scarce goods. People who aren't willing to pay the market price don't get the goods.
What role the bartering play in a traditional economy?
In a traditional economy, bartering serves as a primary means of exchange, allowing individuals to trade goods and services directly without the use of money. This system relies on mutual agreement regarding the value of items being exchanged, fostering community relationships and cooperation. Bartering is especially important in resource-scarce environments, where cash may be limited, and it helps sustain local economies by facilitating access to necessary resources. Overall, it reinforces social ties and cultural practices within the community.
How does the price system allocates resources efficiency?
The price system allocates resources efficiently because prices act as a kind of signal to both producers and consumers in terms of resource allocation. Resource allocation is utilized in strategic planning.
Explain how the market system allocates scarce resources?
Scarce resources are usually allocated to a given market system based on the demand. In most cases the resources are usually assigned to markets that have a great demand.
What allocates system resources manages storage space and maintains security?
An operating system
Command economic system?
it is that type of economy where by resource allocation is done mostly by the state and ther is limited individual intervention
What is the most costly and scarce correctional resource?
The most costly and scarce correctional resource is typically adequate and qualified staff, including correctional officers, healthcare professionals, and counselors. Hiring and retaining skilled personnel in the correctional system can be challenging due to the demanding nature of the work, leading to high turnover rates and increased costs associated with recruitment and training.
What is resource allocation in operating system?
Resource allocation - is assigning pre-set amounts of RAM for certain functions. For example, when a computer first boots-up - it allocates a portion of the machine's RAM for Windows to use - even though the actual program doesn't occupy all the computer's memory. It simply holds some 'in reserve'.
Roles of kernel in an operating system?
part of OS that allocates memory,CPU and other resources
What are the disadvantages of traditional costing?
Main disadvantage of tradional costing system is that it allocates the overheads based on formula which is not accurate because it allocates the cost to department which even not performed any work. It is also a disadvantage is that, it allocates the cost of idle capacity to units as well instead of charging it to income statement.
Functions of an operating system?
allocates system resources controls basic "input and output" manages storage space
What is the system approach of human resource management?
What is a social system approach in human resource
A scarce commodity used in an economic system?
A scarce commodity used in the context of an economic system is something that there is less of than what is needed. Examples are gasoline during a gas crisis, wheat after a drought, etc.
How will the economy decide who gets the goods?
Usually, the price system does this rationing in a market economy.People who are willing to pay more plunk down their money and they get the scarce goods. People who aren't willing to pay the market price don't get the goods.
