Resources can be allocated by : using the market price, command system, majority rule, contest, first come and first serve, sharing equally, lottery, personal characteristics and force. Resources are scarce, so not everyones wants can be fulfilled. Because not everyone can get what they want, there has to be a method used to determine whether or not resources are to be allocated to fulfilling each specific want.
There are various methods for allocating scarce resources like supply and demand, authority, random selection, first come first serve, command system and lottery.
Further explanation:
Allocation strategies are important because an individual wants are unlimited and resources are limited. There are various methods for allocating scarce resources like supply and demand, authority, random selection, first come first serve, command system and lottery.
METHODS FOR ALLOCATING SCARCE RESOURCES
Resources are scarce and an individual wants an unlimited. Not every individual can get what they want, so there has to be proper methods that where and how resources are to be allocated so that every individual’s wants can be fulfilled.
Scarcity arises because of limited amount of resources. Price system is also one of the important methods for allocating scarce resources. Market system is the system in which buyers and sellers decide that what to put in the market. Queuing is another method which is like first come, first serve.
Learn more:
1. Advice South African youth on two preventative measures that can help in combating risky behaviors and provide two practical examples for each.
https://brainly.com/question/4767852
2. Name and explain two personal values and two skills that can assist you in overcoming barriers regarding risky behavior.
https://brainly.com/question/4924229
Answer details:
Grade: Middle School
Subject: Social Studies
Topic: Methods For Allocating Scarce Resources
Keywords: resources, market, queuing, authority, supply, demand, command system, lottery
