American Vinyl Products

assign our resources? 3 methods to decide 1. Tradition been used for the longest period of measure by all countries traditions used in US allocate our resources to encourage the most needed standardized in hospital emergency means services allocate concrete tickets, first come first armed service 40 hours a week Seniority Getting off a sinking boat, women and children first, then the men, then the crew, last is the captain Advantages 2.Political system or Political method let the government decide such as kings and queens public goods and goods with externalities Advantages Market system supply and demand Hasnt been more or less as long as other two, relatively new Whoever has the cash to pay for the product gets it first Most used method Allocated to where the emolument is, follows the money most efficient of the 3, others rely on other determine like being fair because of most attention to opportunity cost, what am I giving up for what I am doing least uneconomical f re sources How do you decide?Tradition promise and obligations Efficiency money, acquiring the most for your money Have to do it because someone told u like your boss or parents Opportunity cost how much you lost because you did something else. Went to simoleons and didnt work so lost work money 9/8/14 Opportunity cost (Chip 1) Opportunity cost graph (Production fortuity curve) Wheat Grapes Point A Availably but not efficient Points should be on curve or inside Our land, from hills to flat.