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It is the process of allocating scarce resources among the various projects or business units. There are a number of approaches to solving resource allocation problems e.g. resources can be allocated using a manual approach, an algorithmic approach (see below), [2] or a combination of both. [3]
The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen". As a representation of the relationship between scarcity and choice, [2] the objective of opportunity cost is to ensure efficient use of scarce resources. [3]
From these three assumptions, neoclassical economists have built a structure to understand the allocation of scarce resources among alternative ends—in fact, understanding such allocation is often considered the definition of economics to neoclassical theorists. Here is how William Stanley Jevons presented "the problem of Economics".
Managerial economics is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units to assist managers to make a wide array of multifaceted decisions.
A scarce good is a good that has more quantity demanded than quantity supplied at a price of $0. The term scarcity refers to the possible existence of conflict over the possession of a finite good. One can say that, for any scarce good, someone's ownership and control excludes someone else's control. [20]
Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. [ 34 ] Robbins described the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by ...
The problem of allocation of resources arises due to the scarcity of resources, and refers to the question of which wants should be satisfied and which should be left unsatisfied. In other words, what to produce and how much to produce. More production of a good implies more resources required for the production of that good, and resources are ...