How are resources allocated in a planned economic system 100 to 150 word
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Resource allocation is generally the process of distributing different types of goods and resources to produce various goods and services.
There are resource allocation in various sectors:-
- Resource allocation can be in free market economy-According to the demand and supply of the market forces the resources are allocated accordingly.
- Resource allocation can be in command economy-The resources are allocated by the government.
- In mixed allocation both public and private sector play an important role.
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