3.1.2 Resource allocation
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Last updated 7:49 PM on 12/16/25
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10 Terms
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What is a market?
place where buyers and sellers interact to set a price, d/s of scarce products
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What is price mechanism?
consumers & producers interact to determine price, which determines allocation of resources.
3
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Functions of price
rationing, signaling, incentive
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Rationing
Products only for those who can afford it
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Signaling
something about the g/s that is important to buyers.
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Incentive
A sign for a supplier to provide it, eg price rises.
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Product market
final goods/services sold
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Factor market
unfinished goods sold
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Specialisation
firms focusing on producing one g/s
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Division of labour
Separating work into no. of small tasks
Note 
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