In a market system the allocation of scarce goods involves the consideration of

In market system, the allocation of scarce goods involves the consideration of time required to pursue an economic activity, identifying the possibility of professional advancements etc.

Further details:

Consideration of scarce goods for the allocation of resources:

In market system, the allocation of resources involves the consideration of

•What must be foregone in using the resource for its next best use

•The dollar cost of any good or service

•recognizing the possibility of professional advancements

•time essential to follow an economic activity

Allocation of resources:

Resource allocation is the course of conveying and dealing assets in a way that chains an organization's considered aims. Resource allocation comprises handling tangible assets such as hardware to make the best use of softer assets such as human wealth.

The task hence lies with the project manager to control the proper timing of those resources within the plan agenda.

Answer details:

Subject: Advanced placement

Level: College

Keywords:

•Resource allocation

•Allocation of resources

•Allocation of scarce goods in market system

•Considerations for the allocation of scarce goods in market system

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