Which of the following statements accurately reflect the relationship between resource allocation and economic growth? Select all that apply.

Resource allocation is about how a society decides to use its resources, like money, land, and labor. When resources are allocated efficiently, it means they are used in ways that help produce the most goods and services, which can lead to economic growth. For example, if a country invests in education, it builds a skilled workforce that can create more innovative products, boosting the economy. Therefore, effective resource allocation can drive economic growth by maximizing productivity and encouraging investment in key areas. In contrast, poor allocation can waste resources and hinder progress, showing how crucial this relationship is.