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In the context of an entire economy, resources can be allocated by various means, such as markets, or planning. In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time. [1]
The condition of scarcity in the real world necessitates competition for scarce resources, and competition occurs "when people strive to meet the criteria that are being used to determine who gets what". [19]: p. 105 The price system, or market prices, are one way to
The concept of attention economics was first theorized by psychologist and economist Herbert A. Simon [14] when he wrote about the scarcity of attention in an information-rich world in 1971: [I]n an information-rich world, the wealth of information means a dearth of something else: a scarcity of whatever it is that information consumes.
Because productive resources are scarce, the resources must be allocated to various industries in just the right amounts, otherwise too much or too little output gets produced. [2] When drawing diagrams for businesses, allocative efficiency is satisfied if output is produced at the point where marginal cost is equal to average revenue.
Hoarding resources can prevent or slow products or commodities from traveling through the economy. [4] Subsequently, this may cause the product or commodity to become scarce, causing the value of the resource to rise. A common intention of economic hoarding is to generate a profit by selling the product once the price has increased.
In a free market economy, all the resources are allocated by the private sector (individuals, households, and groups of individuals); in a planned economy, all the resources are owned by the public sector (local and central government); and, in a mixed economy, some resources are owned by both sectors, private and public. In reality the first ...
Many governments are known for dealing with issues of distributive justice, especially in countries with ethnic tensions and geographically distinctive minorities. Post-apartheid South Africa is an example of a country that deals with issues of re-allocating resources with respect to the distributive justice framework. [citation needed]
Rationing is the controlled distribution of scarce resources, goods, services, [1] or an artificial restriction of demand. Rationing controls the size of the ration, which is one's allowed portion of the resources being distributed on a particular day or at a particular time. There are many forms of rationing, although rationing by price is ...