What do we call the different methods used to distribute goods and services in an economy?

The correct term for the different methods used to distribute goods and services in an economy is "allocation strategies." These strategies refer to the various approaches that economies adopt to decide how resources, goods, and services are allocated among individuals and groups. Allocation can take many forms, including market-driven approaches where supply and demand determine distribution, as well as planned approaches where a central authority makes distribution decisions.

Understanding allocation strategies is crucial because they affect economic efficiency, equity, and overall welfare. For example, in a market economy, allocation is typically based on consumer preferences and purchasing power, which can lead to efficient outcomes, while planned economies may prioritize equity and control over resource distribution.