What does allocation of resources mean?

allocation of resources meaning in Law Dictionary

Seeing how scarce a reference really is amont the business. The costs tend to be reviewed to offer goods and services. It steps how efficient the economy is and decreases reduction.

allocation of resources meaning in Business Dictionary

evaluation of just how scarce resources ('factors of manufacturing') tend to be distributed among manufacturers, and just how scarce goods and services are apportioned among consumers. This analysis takes into account the bookkeeping cost, economic expense, possibility price, along with other costs of sources and goods and services. Allocation of resources is a central theme in business economics (which is basically a study of how sources are allocated) and is involving economic performance and maximization of utility.