Chapter 3 Section 1 & 2 Review Quiz

The situation when people and societies try to satisfy unlimited wants with limited resources.

• Demand

• Lottery

• Scarcity

• Choices

A choice to have less of one thing to get more of something else.

• Firstcome/FirstServed

• Price

• Trade-off

• Supply

An option

• Trade-off

• Supply

• Demand

• Choices

A random, luck-driven choice

• Contest

• Lottery

• Opportunity Cost

• Demand

The way things are distributed

• Authority

• Lottery

• Resource Allocation

• Price

Allowing a resource to a person based on particular traits

• Sharing

• Vote

• Personal Characteristics

• Demand

The value of the next best alternative a person does not choose.

• Sharing

• Opportunity Cost

• Force

• Authority

Direction or ordering by another person

• Option

• Authority

• Personal Characterisitics

• Contest

Allowing the strongest to win

• Contest

• Force

• Personal Characteristics

• Choices

The quantity of a good or service consumers are willing to buy

• Contest

• Demand

• Trade-off

• Choices