What is meaning of allocation in economics?
Originally a term from economics, an allocation refers to the distribution of existing resources to different purposes. The aim is to use resources efficiently so that optimum results can be achieved even with scarce resources, in order to remain competitive in the long term.
What is the meaning of allocation of resources?
Resource allocation is the process of assigning and managing assets in a manner that supports an organization’s strategic goals. Resource allocation includes managing tangible assets such as hardware to make the best use of softer assets such as human capital.
What is the best definition of allocation?
Allocation is defined as the act of being portioned out for a certain reason. The process or procedure for allocating things, especially money or other resources. The allocation of new permits is on a first-come, first-served basis.
Which book of economics is known as first book of modern economics?
The Wealth of Nations Description: The book is usually considered to be the beginning of modern economics. It begins with a discussion of the Industrial Revolution.
What is the purpose of allocation?
Allocating costs serves three main purposes. These are to: 1) make decisions, 2) reduce waste, and 3) determine pricing.
How do you describe allocation?
An allocation is an amount of money that is given to a particular person or used for a particular purpose. An allocation is an amount of money that is given to a particular person or used for a particular purpose.
What is an allocate person?
to officially give something to someone, or to decide that something can be used for a specific purpose. Our task is to decide the best way to allocate scarce resources. No agreement was reached on how much money should be allocated. allocate someone something: We allocate each student a personal tutor.
What is allocation method?
The direct allocation method is a technique for charging the cost of service departments to other parts of a business. This concept is used to fully load operating departments with those overhead costs for which they are responsible.