Presentation on theme: "Allocating Scarce Resources"— Presentation transcript:
1 Allocating Scarce ResourcesSSEF1c list a selection of methods for allocation scarce resources
2 Supply and Demand (Prices/Auction):This assignment strategy permits rationing the a resource based top top who can afford the price set by the market. The an ext desirable and relatively scarce the item, generally, the greater the price. This method is efficient due to the fact that one can easily tell whether or not the resource can it is in allocated based upon their willingness and ability to pay the price. However, this an approach will exclude people from markets if they absence the money to pay the price.
3 authority This allocation strategy allows for quick activity because a human or a group of people in power have the right to make and implement the decision quickly. In countries where the federal government makes and also carries out decisions by force, economic alters can occur quickly due to the fact that the government decides how to distribute resources and also enforces the decision with military/police power.
4 Random choice (Lottery)This assignment strategy can be handled quickly and also gives anyone who desires the source equal odds the receiving it. This strategy can be inefficient since it might allocate the source to a objective of person who go not require it or know how to develop using it. If the federal government randomly selects individuals to obtain farmland, the land may go to someone who has a knowledge of farming techniques and also the source may be underutilized
5 personal Strategy This assignment strategy enables resources to be distributed based upon need or merit. Ideally, the human being who gets the scholarship or the project is the one best qualified because that it. However, personal characteristics can also be offered negatively together as as soon as one go not gain a job because of discrimination against a an individual characteristic that the individual.
6 challenge This allocation strategy can distribute the resource to the human being who wins. The “winning” might be based upon running a gyeongju (who is fastest), in academics (valedictorian has actually the highest GPA), or in a test of knowledge/skill (Jeopardy contestant or chess champion). This strategy deserve to be inefficient on a day come day basis. Girlfriend don’t want to operation a gyeongju to check out who it s okay the last slice of pizza in the cafeteria.
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It would certainly take also long.