Final answer:
Efficient allocation of resources is achieved through allocative efficiency, where goods and services produced reflect what society most desires and are supplied in the quantity that consumers demand, ensuring maximum benefit from scarce resources while considering marginal productivity.
Step-by-step explanation:
To achieve an efficient allocation of resources, a society must adhere to the rule of allocative efficiency. This means that resources should be distributed such that the goods and services produced represent the combination that society most desires, and producers supply the quantity of each product that consumers demand. In terms of political and economic theory, rules and decisions about resource allocation often involve considerable debate and conflict because they affect the distribution of power and scarce resources.
Following the principle of allocative efficiency ensures that every choice on the production possibilities frontier displays productive efficiency. However, only the choice that aligns with society's preference will exhibit allocative efficiency. When resources are scarce, making decisions that maximize the benefit from these limited resources is crucial, and this requires balancing the marginal productivity of factors such as labor with the costs of wages and benefits to ensure profitability and sustainability.