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Author Question: Describe the alternative methods of allocating scarce resources. What will be an ideal ... (Read 56 times)

RODY.ELKHALIL

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on: Jun 29, 2018
Describe the alternative methods of allocating scarce resources.
 
  What will be an ideal response?

Question 2

Why is the demand for an input considered a derived demand?
 
  What will be an ideal response?


fffftttt

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Resources can be allocated using:
 Market price: People who are willing and able to pay the price get the resource.
 Command: Someone in command decides who gets the resource.
 Majority rule: The majority vote decides how resources are allocated.
 Contest: Winners receive the resource.
 First-come, first-served: People first in line get the resource.
 Lottery: Randomly selected winners receive the resource.
 Personal characteristics: People with the right characteristics get the resource.
 Force: The stronger person or group gets the resource.

Answer to Question 2

The demand for an input is dependent on the demand for the output the input can be used to produce.


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RODY.ELKHALIL

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Reply #2 on: Jun 29, 2018
Correct answers!


fffftttt

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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