Energy Time Emotions Money.... The list goes on and on.
Through price mechanism...
As Market cannot allocate resources properly planning is needed to allocate resources in the most efficient manner, reduce inequality among the people, give adequate standard of living for all people. It was done in the Soviet Union.
Economics
Economics is how we as humans efficiently allocate scarce resources. These resources can be something as basic as food or something as immaterial as information. And because everyone needs to eat and have shelter, and economics is the study of how we allocate those things, economics is a very important subject.
Energy Time Emotions Money.... The list goes on and on.
nodes
Allocate resources.
Allocate resources.
Allocate resources.
Allocate resources.
Allocate resources.
Through price mechanism...
Price is the most efficient, fastest way to allocate resources, but it is not always the best. For example, rare resources such as medicines would be available only to the richest members of society and would likely be hoarded or driven to an underground economy.
Money, goods & services
Economic is the science which is concerned with how socities allocate scarce resources.
As Market cannot allocate resources properly planning is needed to allocate resources in the most efficient manner, reduce inequality among the people, give adequate standard of living for all people. It was done in the Soviet Union.