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Compose a 250 words essay on Allocating resources and costs. Needs to be plagiarism free!The aim of resource allocation is mainly on health cost and policy makers who have a great interest in enhancin
Compose a 250 words essay on Allocating resources and costs. Needs to be plagiarism free!
The aim of resource allocation is mainly on health cost and policy makers who have a great interest in enhancing the flow and transfer of knowledge that relates to both health sector services and business related services (Briggs, 2014). Economically considering laws of demand and supply, there will be no day when there is satisfaction when it comes to availability of sufficient resources that will allow possible means of improving health to be provided to people whom might need to benefit from their services. Whenever there is information regarding improvement in health sector resulting from the allocation of scarce resources, there is always a critical decision-making process to be made on how resources should be allocated. The relationship between resource allocation and cost is always reflected on pricing signals. To allocate scarce resources, the market economy highly depends on price signals which can only be projected by different costing methods. The relationship is that scarce resources have the potential to command higher costs than abundant resources. It, therefore, means that correct price signals guide users in the following ways. they will use scarce resources to command high cost on highly valued commodity while and uses low costs on lower valued commodities (2014). Therefore, it indicates that when costs are minimally or incorrectly projected, resources users will waste them by using scarce resource for lower valued purposes and leaving abundant resources underutilized.