In Most Societies, Resources Are Allocated by

question 77

Multiple Choice

In most societies, resources are allocated by

• A)a single central planner.
• B)a small number of central planners.
• C)those firms that use resources to provide goods and services.
• D)the combined actions of millions of households and firms.

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Definitions:

Advisory Role

A function wherein an individual or group provides expert advice and guidance to others without having direct decision-making power.

Outsourcing

The practice of hiring third-party vendors to perform tasks, handle operations or provide services that are either difficult to manage or outside the core business competency.

Morale

The level of confidence, enthusiasm, and discipline of a person or group at a particular time, especially in a workplace context.

Productivity

This is the measure of efficiency in which goods and services are produced, often evaluated in terms of output per time invested.