allocation of resources
Definition
Analysis of how scarce resources ('factors of production') are distributed among producers, and how scarce goods and services are apportioned among consumers. This analysis takes into consideration the accounting cost, economic cost, opportunity cost, and other costs of resources and goods and services. Allocation of resources is a central theme in economics (which is essentially a study of how resources are allocated) and is associated with economic efficiency and maximization of utility.
allocation of resources is in the Economics, Politics, & Society subject.
allocation of resources appears in the definitions of the following terms: welfare economics, total quality management (TQM), strategic marketing, neo classical economics, neoclassical economics, economic power, marketing strategy, resource driven and operations research (OR)
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