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RESOURCE ALLOCATION: The process of dividing up and distributing available, limited resources to competing, alternative uses that satisfy unlimited wants and needs. Given that world is rampant with scarcity (unlimited wants and needs, but limited resources), every want and need cannot be satisfied with available resources. Choices have to be made. Some wants and needs are satisfied, some are not. These choices, these decisions are the resource allocation process. An efficient resource allocation exists if society has achieved the highest possible level of satisfaction of wants and needs from the available resources AND resources can not be allocated differently to achieve any greater satisfaction.
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ENTREPRENEURSHIP A special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and land.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for door-to-door salesmen.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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DOL
Department of Labor
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