List and Briefly Explain Five Priority Rules Used to Assign

question 6

Essay

List and briefly explain five priority rules used to assign preference to activities when allocating scarce resources.

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Definitions:

Means Of Production

The facilities, resources, and tools used to produce goods and services, including land, labor, technology, and capital.

Capitalism

A financial structure where capital goods are owned privately or by corporations, with investments made based on individual decisions, and where the cost, creation, and allocation of commodities are predominantly influenced by competitive forces within an open marketplace.

Fascism

A far-right, authoritarian ultranationalist political ideology and movement, characterized by dictatorial power, forcible suppression of opposition, as well as strong regimentation of society and the economy.

Price Mechanism

The way in which prices rise and fall as a result of changes in supply and demand, allocating resources through the economy.