Which describes a method for allocating scarce resources?

Hi,

The methods for allocating scarce resources are; Equal shares, random selection, lottery, first come and first serve, market system and contests among others.

Explanation:

A resource is any factor of production that can be used to produce goods and services. Resources are scarce to mean that they are not enough. A technique is supposed to be identified as a process of deciding which resource should be used to produce a good or a service. Studies in economics shade light to the society on how to allocate the scarce resources. For example in a market system, resources are allocated according to the interaction of free and self-directed forces of the market.

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