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Explain the role of a market in allocating scarce resources?

Hey Guys,

Simple question "Explain the role of a market in allocating scarce resources?"
Basically how do markets allocate scarce resources?

Anyone keen to shed some light on this question?

Thanks
Reply 1
Avatar for Hanoi
Hanoi
15
Think about supply and demand and price signals.
Reply 2
Avatar for Bateman
Bateman
17
ok, it's the central economic problem:
People have infinite wants and there are finite resources, allocating resources is the central economic problem.

It is done by a "magic hand" (google it)

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