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Answer:
Hi,
The methods for allocating scarce resources are; Equal shares, random selection ,lottery, first come and first serve, market system and contests among others.
Explanation:
A resource is any factor of production that can be used to produce goods and services.Resources are scarce to mean that they are not enough.A technique is supposed to be identified as a process of deciding which resource should be used to produce a good or a service.Studies in economics shade light to the society on how to allocate the scarce resources.For example in a market system, resources are allocated according to the interaction of free and self-directed forces of the market.
Best of Luck!
There are methods for allocating scarce resources which are Setting Priority Scale of Needs and Be Wise in Utilizing Resources
Further explanation
Scarcity is if the means of satisfying needs is limited while human needs are not limited. Scarcity is a need where we do not have adequate resources to meet our needs. Short scarcity occurs because the amount of demand is more than the number of goods and services available. Scarcity does not mean that it is difficult to obtain/find. Scarcity can also be interpreted as a tool used to meet needs that are not following the number of needs that need to be increased. The problem of scarcity is always a problem of how someone fulfills more and more diverse needs with limited gratification. In talking about scarcity, economics is important because the actual economy is how we can balance between unlimited needs and limited satisfying tools. If the resources can be used to produce a means of satisfying the needs. In unlimited quantities, then the resource is not approved for scarcity.
Factors Causing Scarcity
- Limited resources
- Geographical differences
- Increase in population
- Limited production capabilities
- Natural disasters
Learn More :
Scarcity; https://brainly.com/question/11191855, https://brainly.com/question/3727863
Details
Class: Junior High
Subject: History
Keyword: Scarcity
