Allocation Flashcards
designating a portion of a whole to a particular person or for a specific purpose
allocation
refers to the seperation of the work process to groups with assigned individuals who will concentrate on doing specific tasks
division of labor
efficiency in production, consumption, or in system
achieved when the use of the given resources yielded the greatest value of goods and services
(identifies the conditions in which goods can be produced at the lowest possible unit cost.)
efficiency in production
efficiency in production, consumption, or in system
refers to level of efficiency measured by the consumers willingness to pay
This refers to using resources wisely. It means getting the most out of what you have
efficiency in consumption
efficiency in production, consumption, or in system
optimal level of trade
about how well different parts of a system work together
efficiency in the system
type of system
economic desicions are based on culture, beliefs and history off a community, most use barter system instead of money
traditional economy
type of system
emerged in small and remote communities, even in groups of families, main objective is to survive
traditional economy
type of system
private firms own the factors of production, they are the ones who determine what, how, and for whome the products will be produced
playground of private firms
market economic system
type of system
inclined with the french doctrine of laissez-faire or let-alone policy
market economic system
type of system
the government makes all the decisions about what to produce, how to produce it, and who gets it
command economy
type of system
government owns every factor of production -land, resources, and machinery
command economy
type of system
combination of market and command economy
mixed economy
government determines the prices for goods and sevices
controlled price system
type of system
both private firms and government own the factors of production, or share them with each other
mixed economy
