Resource allocation in database management systems is a performance management process in which an autonomic DBMS makes resource allocation decisions based on properties like workload business importance. We propose the use of economic models to guide the resource allocation decisions. An economic model is described in terms of business concepts and has been successfully applied in computer system resource allocation problems. In this paper, we present an approach that uses economic models to allocate multiple resources, such as main memory buffer space and CPU shares, to workloads running concurrently on a DBMS. The economic model enables workloads to meet their service level objectives by allocating resources through partitioning the individual DBMS resources and making system-level resource allocation plans for the workloads. The resource allocation plans can be dynamically changed to respond to changes in workload performance requirements. Experiments are conducted on IBM