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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