An economic plan
allocating scarce productive resources to satisfy wants.
false
An Economic system
Consumers In Society.
Rationing, price control, command economy, reservation for privileged classes like handicapped
An economic plan
allocating scarce productive resources to satisfy wants.
false
An Economic system
Consumers In Society.
Economics is the science of allocating scarce resources to satisfy man's unlimited, multiple, competing wants and needs.
Rationing, price control, command economy, reservation for privileged classes like handicapped
Incident command team
Some people believe that the market system is the best mechanism for allocating scarce resources because it allows for competition, which can drive efficiency and innovation. They argue that market forces of supply and demand provide a self-regulating mechanism that can efficiently allocate resources based on consumer preferences and willingness to pay. Additionally, proponents of the market system often view it as promoting individual choice and freedom.
Incident command team
The advantage of allocating resources in the public sector is that resources can be produced based on demographic needs. The disadvantage of allocating resources is that there is room for corruption if the wrong individuals are chosen.
The government and its various agencies dealing with economic events.