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What is the definition of efficient allocation?

Efficient Allocation of Resources. An efficient allocation of resources is: That combination of inputs, outputs and distribution of inputs, outputs such that any change in the economy can make someone better off (as measured by indifference curve map) only by making someone worse off (pareto efficiency).

What is government allocation?

(i) Allocation Function: Government has to provide for public goods. Public goods such as national defense, government administration and so on are different from private goods. These goods can not be provided through market mechanism but are essential for consumers and therefore, government has to provide them.

What is economic allocation?

Economic Definition of allocation. Defined. Term allocation Definition: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity.

What is financial allocation?

1. Finance: An authorization to incur expense or obligation up to a specified amount, for a specific purpose, and within a specific period. 2. The amount so authorized. The budget and finance committee increased the allocation for member education this year after several industry changes required new skill development.

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