micro economics help in the allocation of resources.What are the problems that micro economics facem in the allocation of resource
2006-10-10 08:11:29 · 5 answers · asked by pazy 1 in Social Science ➔ Economics
In allocating resources, economic agents (households, firms, governments) face the problems of scarcity and opportunity cost. Since resources are scarce, that is, wants and desires exceed the resources available to satisfy them, choosing one option costs you another - you have to give up one to get the other. The option one forgone in favour of another option is called the opportunity cost. Scarcity and opportunity cost eventually lead to choice. Which choice is best is a whole different story.
2006-10-11 03:34:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Resources vary to each sector.
Some of the resources are: time, workers, natural resources, materials, machinery, and money. Managers often will keep inventory on each of the important resources they manage. This is why many companies have "Time Clocks" (or computer log in times) to manage the employee's time; hours worked for hours paid ... & how time influences the flow of production. A great book (easy fictional read too) is "The Goal" ... you might want to read it.
2006-10-10 08:54:06 · answer #2 · answered by Giggly Giraffe 7 · 0⤊ 0⤋
Scarcity- there is never enough limited resources to satisfy the unlimited wants of the consumers. Therefore things that are demanded more will be worth more especially if there are few of them to go around.
2006-10-10 10:00:33 · answer #3 · answered by leavemealone 3 · 0⤊ 0⤋
Rangers ought to get extra. They average 40 5,000+ for domicile video games, Falkirk approximately 5000. Rangers followers who attend video games week in/week out shouldn't pass over out for the Falkirk 'followers' or hangers on who creep out the woodwork for a cup very final. I say supply each and every Falkirk fan who attended the semi (approximately 8,000 i think of) a value ticket plus supply them approximately yet another 5,000. As for Rangers, lower back, people who made the Semi get tickets, something bypass to season cost ticket holders which give up the great distinction looking Gers followers from attending in the previous desirable followers. As for Manchester, if 500k went, does that make 470,000 of them English hooligans in Gers tops out to reason worry?
2016-11-27 19:36:40 · answer #4 · answered by yao 4 · 0⤊ 0⤋
KEY is that resources are scare, meaning in limited quantity. So how do you divide among everyone? Equal amts? By wealth status? By need? etc.
2006-10-12 08:00:47 · answer #5 · answered by msoexpert 6 · 0⤊ 0⤋