What is the process by which a society decides how power and resources will be distributed within the society? The answer to this question is the term
politics
. Politics is the activities, actions, and policies of using one’s power to make a decision for the whole group or for all members.
What is the process by which a society decides which public goods the government will try to provide and how?
The government uses
cost-benefit analysis
to decide whether to provide a particular public good and how much of it to provide. Cost-benefit analysis, which is also sometimes called benefit-cost analysis, is a systematic process for calculating the benefits and costs of a project to society as a whole.
Is the process which decides how resources will be allocated?
As noted earlier,
politics
is the process by which choices are made regarding how resources will be allocated and which economic and social policies government will pursue. Put more simply, politics is the process of who gets what and how.
What is the distribution of power in society?
Power is
distributed and exercised in the general interests of society as a whole
, Although some groups will be more powerful than others, this is necessary (functional) because the achievement of collective goals requires organisation and leadership based on power.
What is optimal allocation of resources?
Originally a term from economics, an allocation refers to the distribution of existing resources to different purposes. … The aim is
to use resources efficiently so that optimum results can be achieved even with scarce resources
, in order to remain competitive in the long term.
How do prices allocate resources?
Markets use prices
as signals to allocate resources to their highest valued uses. Consumers will pay higher prices for goods and services that they value more highly. … The interaction of demand and supply in product and resource markets generates prices that serve to allocate items to their highest valued alternatives.
What are 3 characteristics of public goods?
- Non-excludability. Non-excludability means that the producer of the good is unable to prevent others from using it. …
- Non-rivalry. …
- Private Goods. …
- Common Goods. …
- Club Goods. …
- Public Goods. …
- Further Reading.
What are the 4 types of goods?
The four types of goods:
private goods, public goods, common resources, and natural monopolies
.
What is a pure public good example?
Knowledge
is a pure public good: once something is known, that knowledge can be used by anyone, and its use by any one person does not preclude its use by others.
What are 3 different distributions of power?
- Unitary.
- Confederation.
- Federal.
How is the power of the government distributed?
Power is first divided between the national, or federal government, and the state and local government under a system known as Federalism. At the federal level, the Constitution again divides power
between the three major branches of our federal government
—the legislative, the executive, and the judicial.
Power is a personal trait derived from knowledge and expertise, while authority is a formal title or position given by an organization or another personal. Authority is legitimate and formal, while power is neither.
Both power and authority can be lost
, and authority is especially easy to be taken away.
What is effective utilization of resources?
Resource utilization, however, is the
process of strategically measuring how effective resources are
. A resource utilization example is checking if a certain employee is being maximized in between projects. While allocation organizes your project, it’s utilization that makes your project successful.
Where is the optimal allocation of resources found?
The optimal allocation of resources is found:
where the marginal cost is at its lowest
. at every point along a production possibilities curve.
How do you allocate resources efficiently?
- Know Your Scope. Before you can allocate your resources or manage them, you have to determine the scope of the project you’re working on. …
- Identify Resources. …
- Don’t Procrastinate. …
- Think Holistically. …
- Know Your Resource Dependencies. …
- Track Time. …
- Use Tools. …
- Don’t Over-allocate.
What is an example of resource allocation?
For example, channel allocation in wireless communication may be decided by a
base transceiver station
using an appropriate algorithm. One class of resource whereby applicants bid for the best resource(s) according to their balance of “money”, as in an online auction business model (see also auction theory).
