Economics GCSE
Efficiency and resource allocation
What Efficiency and resource allocation means in Economics GCSE, as defined for AQA.
Definition of Efficiency and resource allocation
Check what you remember
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Reference: AQA
Scarce resources are allocated efficiently without central planning as prices signal producers to supply more or develop alternatives.
Topics that use Efficiency and resource allocation
- Markets and allocation of resources (AQA GCSE)
Related terms
- Circular flow of income
- Factor market
- Factors of production
- Market
- Market economies
- Market forces
- Price determination
- Product market
Using Efficiency and resource allocation in the exam
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