- Allocation
The division of things into shares or portions. In economics, the term refers primarily to the“allocation of resources,” the process by which economicresources get allotted (apportioned, assigned) to their particular uses fordirectly or indirectly satisfyinghuman wants. The allocation process in a particular society's economy isthe process by which the three fundamental economic questions get answered inthat society:
See AlsoEconEdLink - I Don't Want Much, I Just Want More: Allocation and Decision-MakingBritannica MoneyWhat is meant by the problem of allocation of resources?- What goods and services are produced (and in what quantities)?
- By which of the various available technological means and recipesare each of these goods and services to be produced from the availableland, labor and capital?
- For whom are each of these goods and services produced? (Whichspecific individuals get to use/consume each unit of each good orservice produced?)
Thus one may speak of “market allocation” of resources,“forcible allocation” of resources, “governmentalallocation” of resources, “traditional” (or“customary”) allocation of resources and so on, dependingupon the kinds of social processes and incentives by which various sorts ofscarce resources are allocated in the particular society underconsideration.
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