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Describe the different methods of allocation scarce resources

Describe the different methods of allocation scarce resources

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Describe the different methods of allocation scarce resources
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Resources mean land, labor, capital, and entrepreneurs. The fixed inputs are land and capital which remains fixed in the short run and the variable input are labor which remains variable in the short as well as in long run.

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