Final answer:
Resource allocation is the process of assigning specific resources or focusing certain efforts to accomplish specific tasks as required.
Step-by-step explanation:
The process of assigning specific resources or focusing certain efforts to accomplish specific tasks as required is known as resource allocation.
Resource allocation is a fundamental concept in business management and economics. It involves determining how limited resources, such as time, money, and human capital, should be distributed among various tasks or projects to achieve optimal results.
For example, in a manufacturing company, resource allocation may involve deciding how much production capacity should be allocated to different product lines or how to allocate the budget for marketing and advertising campaigns.