ALLOCATION OF RESOURCES


Meaning of ALLOCATION OF RESOURCES in English

Apportionment of productive assets among different uses.

The issue of resource allocation arises as societies seek to balance limited resources ( capital , labour , land ) against the various and often unlimited wants of their members. Mechanisms of resource allocation include the price system in free-market economies and government planning, either in state-run economies or in the public sectors of mixed economies. The aim is always to allocate resources in such a way as to obtain the maximum possible output from a given combination of resources.

Britannica Concise Encyclopedia.      Краткая энциклопедия Британика.