Google
Friday 
June 23, 2017 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
AFL: The abbreviation for the American Federation of Labor, which started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.

Visit the GLOSS*arama


ALLOCATION:

The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
The allocation process involves decisions and choices made by consumers, producers, and governments. While producer and consumer allocation decisions are made primarily through voluntary market exchanges, government allocation decisions are involuntarily made in response to taxes and regulations.

A primary focus of allocation, from an economic perspective, is efficiency. Efficiency is achieved when the highest possible level of satisfaction is achieved from available resources. Economists like to see resources allocated in such a way that efficiency is achieved. An allocation is said to be efficient if available resources, goods, and services are distributed according to the economy's highest valued uses.

Consider the following examples of allocation choices.

  • Pollyanna Pumpernickel, a typical consumer, visits the local food market to purchase a loaf of rye bread, a jar of Dijon mustard, a package of Swiss cheese, and a few slices of honey-cured ham. She has decided to prepare a ham and Swiss on rye sandwich for lunch. She could have opted for a cheeseburger and French fries.

  • Mona Mallard, the President and CEO of Mona Mallard Duct Tape Industries, responds to a surge in the sales of duct tape by deciding to build a new, highly automated factory on the outskirts of Shady Valley. She could have kept pace with demand by increasing the workforce at her current, less automated factory.

  • Victor Thurgood, the honorable Mayor of Shady Valley, initiates a program in which one percent of all sales tax revenue is set aside, or earmarked, for the construction of jogging trails throughout Shady Valley. The city could have used that tax revenue to install a system of severe weather warning sirens.
Each choice affects the production, consumption, and distribution of goods and services.

<= AGGREGATE SUPPLY SHIFTSALLOCATION EFFECT =>


Recommended Citation:

ALLOCATION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: June 23, 2017].


Check Out These Related Terms...

     | economic thinking | division of labor | specialization | distribution standards | ownership and control | incentive |


Or For A Little Background...

     | economics | dismal science | scarcity | first rule of scarcity | third rule of inequality | three questions of allocation | efficiency | satisfaction | production |


And For Further Study...

     | equity | consumer sovereignty | economy | government functions | political views | allocative efficiency | technical efficiency | production possibilities | ownership and control | property rights |


Search Again?

Back to the WEB*pedia


APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for malfunctioning pocket calculators.
Your Complete Scope

This isn't me! What am I?

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

CPS
Current Population Survey (US)
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2017 AmosWEB*LLC
Send comments or questions to: WebMaster