An efficient allocation of resources is one where resources are distributed to where they are most...
An efficient allocation of resources is one where resources are distributed to where they are most needed by society.
True or False
Homework Answers
True,
Efficiency meaning having a greater output with minimum input.
allocation means distribution of resources.
so efficient allocation of resources means proper distribution of resources in such a way that the benefit can be reached to the maximum people because as we all know that there is always lack of resources and by proper channelizing it so that the optimum use of resources can be done.
this can be done by using the concept of accounting cost ,economic cost, opportunity cost etc .
and for any society it is the first and foremost need that from the limited resources it can be used in most optimized way to reach every part of society
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