Applied Economics: Allocation

The social mechanism of disturbing limited resources to meet expanding human wants.

• tradition

• allocation

• wealth

• social science

Products of nature, qualities of individuals and man-made things that can provide satisfaction or value currently or in the future.

• scarcity

• resources

• wealth

• market

It is an allocation mechanism in which the state or an agency of the government maybe in charge in the allocation of resources by using its political power in answering the basic economic problems of production and distribution.

• tradition as an allocation mechanism

• command as an allocation mechanism

• market system as an allocation mechanism

• mixed system as an allocation mechanism

This type of allocation mechanism uses culture, social norms, to temper wants, and encourages producers to expand production in the light of the problem of scarcity. This system is made through the formation of simple of human wants which are shaped by social norms and values.

• market system as an allocation mechanism

• command as an allocation mechanism

• tradition as an allocation mechanism

• mixed as an allocation mechanism

A mechanism of allocation where the state or an agency of the government are in charge of the distribution of resources and in answering of the basic economic questions of production and consumption.

• tradition system

• command system

• market system

• mixed system

An allocation mechanism where changes in the market price can address the problem of scarcity and answer the basic economic problems of production and distribution.

• market system

• command system

• tradition system

• mixed system

A social science that deals with the allocation of scare resources to meet the increasing human wants.

• Economics

• Scarcity

• Wealth

• Allocation