📚 Learning Guide
Resource Allocation and Scarcity
easy

Arrange the following steps in the correct order of the resource allocation process in the face of scarcity: A) Evaluate the wants and needs of society, B) Identify limited resources, C) Distribute resources based on priorities, D) Make decisions on resource usage.

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Learning Path
Learning Path

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Choose the Best Answer

A

A → B → D → C

B

B → A → C → D

C

A → C → D → B

D

B → D → A → C

Understanding the Answer

Let's break down why this is correct

Answer

The resource allocation process begins with evaluating the wants and needs of society, which helps understand what people require most. Next, we identify the limited resources available, such as time, money, or materials, since these are not enough to satisfy all wants. After understanding both the needs and the limitations, we make decisions on how to best use these resources to meet those needs. Finally, we distribute the resources based on priorities, ensuring that the most important needs are addressed first. For example, if a community has limited funds, it might choose to allocate money to essential services like healthcare and education before spending on less critical areas.

Detailed Explanation

First, we need to know what resources we have and what people want. Other options are incorrect because This option suggests we evaluate wants before knowing our resources; This choice skips important steps.

Key Concepts

Resource Allocation
Scarcity
Economic Efficiency
Topic

Resource Allocation and Scarcity

Difficulty

easy level question

Cognitive Level

understand

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