explain the problem of allocation of resources faced by an economy
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Answer:
Allocation of resources refers to the problem of assigning the scarce resources in such a manner so that maximum wants of the society are fulfilled. As resources are limited in relation to the unlimited wants, it is important to economize their use and utilize them in the most efficient manner.
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Problem of allocation of resources depends on availability of resources.
Explanation:
- The problems of resource allocation are due to the decrease in the availability of resources. These resources are needed to satisfy human wants and needs and hence are required in bulk.
- The problem of resource allocation deals with which wants to be satisfied and which not to be left unsatisfied.
- What to produce and how to produce and how much to produce are some of the problems that are problems that are faced by the economy.
Learn more about the problem of allocation of resources faced by an economy.
- brainly.in/question/10890407 answered by subham2112H.
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