The internal objectives of a business; the regulations and legislation's that affect the market plans; world news and events; industrial analyst reports, financial analysis; establishing strategic goals, achieving them and attaining results. These are the factors that affect budget resources allocation decision of managers.
List three factors that affect budget resource allocation decisions of managers provide appropriate examples for each of these three factors?
when total resources in an economy is not equally allocated among four factors of production i.e land, labor, capital and organization then allocation of resources in an economy considered to be inefficient.
C) the degree to which the government is involved in the allocation of resources.
Jake derbyshire.
managers are biased toward attributing the cause to external factors such as insufficient resources or lack of cooperation by others
The factors and resources that the government owns in a centrally planned economy include decisions, pricing, and the entire market.
In a free market where the demand and supply of resources as return to factors are determined by market forces to determine the resource allocation usually owned by private Enterprise through price mechanism, although government control to some extent also determines the allocation of resources for auxiliary or subordinate production of goods and services in a mixed economic system by planning in the production possibilities by the scarce resource allocation .
Spatial allocation refers to the process of assigning resources, activities, or populations to specific locations on a map or within a geographic area. It helps in optimizing the distribution of resources or services based on various spatial considerations such as accessibility, demand, or environmental factors. Spatial allocation is commonly used in urban planning, transportation, environmental management, and epidemiology.
Making allocation decisions involves evaluating available resources and determining how to distribute them effectively to achieve desired outcomes. This process typically requires analyzing various factors, including priorities, costs, and potential impacts on stakeholders. Decision-makers often use quantitative and qualitative methods to assess options and potential trade-offs before finalizing allocations. Ultimately, the goal is to optimize resource use while aligning with strategic objectives.
Factors that can limit managers from converting natural resources to national wealth include limited access to technologies and expertise, lack of infrastructure for resource extraction and processing, government regulations and policies that restrict resource utilization, environmental concerns, and geopolitical instability. Additionally, market volatility and fluctuating commodity prices can also pose challenges for managers in maximizing the economic value of natural resources.
managers are biased toward attributing the cause to internal factors such as lack of motivation or ability
Economics is the study of how societies allocate limited resources to produce and distribute goods and services. It examines the choices individuals and organizations make in utilizing these resources to maximize satisfaction and efficiency. This involves analyzing factors such as supply and demand, market structures, and government policies that influence production and distribution processes. Ultimately, economics seeks to understand how these decisions impact overall welfare and economic growth.