Question

How are resources allocated in a planned economic system 100 to 150 word

Answer 1

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.