PART II: Multiple Choice Read the following items and choose the best answer.
1. The process of deciding which needs will be satisfied and how much of our resources will be used
to satisfy them is called
a. capitalism
b. conservation
C. allocation
d. scarcity

The correct answer is C. The process of deciding which needs will be satisfied and how much of our resources will be used  to satisfy them is called  allocation.

Explanation:

Resource allocation is the process by which a person or group (or even the government through budget laws) organizes the determined amount of economic resources it has, with the aim of a correct economic and financial organization. It is thus a planning by means of which each resource is assigned to a specific expense or destination, with which a detailed and elaborated distribution of all the available resources that said person or group possesses is made.