Resource Allocation
Distributing limited resources (budget, equipment, labor, time) across activities/projects.
Real World
During the 2020 pandemic, the NHS had to rapidly reallocate nurses, ventilators, and ICU beds away from routine care toward COVID wards — a real-time resource allocation crisis with life-or-death trade-offs.
Exam Focus
Always refer to opportunity cost when discussing resource allocation — every deployment of a resource has an alternative foregone.
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