Personal Finance Flashcard

Front

What is Scarcity?

Back

Limited number of Resources

Front

Goods are...

Back

items you can buy such as food, toys, and clothes

Front

Barter is another word for...

Back

trade

Front

Ways that goods and services are distributed

Back

allocation

Front

Name the Resource Allocation: Resource goes to those who win an election. People vote and the group with the largest number of votes will win.

Back

Majority Rule

Front

Name the Resources Allocation... Instead of one person receiving the good or service, it is shared with others.

Back

Sharing

Front

Name the Resource Allocation: The winner or recipient of the good or service is chosen randomly.

Back

lottery

Front

Name the Resource Allocation: People who can afford to pay the cost will receive the good or service.

Back

Price

Front

Name the Resource Allocation: A competition is held where the winner receives the good or service.

Back

contest

Front

Opportunity Cost is....

Back

what is given up when a decision is made