Examlex
Services cannot be stored or inventoried.Attempts to regulate the "services" on the supply side-to increase the service providers when needed-include such strategies as part-time workers.What are some other ways a firm can "shift" supply for its services?
Optimal Resource Allocation
The most efficient distribution of resources in an economy, achieving the best possible balance of production and distribution to meet the needs and wants of the population.
ITQs
Individual Transferable Quotas, a system in resource management where individuals or companies have the right to a portion of the total allowable catch or quota.
Least Costly Way
The most efficient method of achieving a desired outcome or producing a good or service, minimizing expenses while meeting specified objectives.
Economic Efficiency
A condition where resources are allocated in a way that maximizes the net benefit to society.
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