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What is meant by allocation of resources? - Economics

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Question

What is meant by allocation of resources?

Very Short Answer
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Solution

By allocation of resources, we mean how much of which resource is devoted to the production of each of the goods and services.

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Chapter 5: Basic Problems of An Economy - QUESTION BANK [Page 82]

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J. P. Goel and Kaushal Goel Economics [English] Class 9 ICSE
Chapter 5 Basic Problems of An Economy
QUESTION BANK | Q 9. | Page 82
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