What is Econ & Allocation Methods

Allocation means

• not enough / limited in quantity

• things that are tangible

• to distribute

• things that are intangible

scarce or scarcity means

• not enough / limited in quantity

• things that are tangible

• to distribute

• things that are intangible

Receiving an oil change is receiving a

• good

• service

Olympic games are this is best described as using this allocation method:

• first come, first serve

• contest

• need-based

• brute force

Unlimited Wants is represented by

• k + 1

• w + 1

• n = 1

• n + 1

scarcity is made up of these TWO components:

• scarcity

• unlimited wants

• limited resources

• goods and services

Animals are really this type of a resource:

• Land

• Labor

• Capital

• Entrepreneur

When we look at entitlement programs such as SNAPS/EBT, Section 8 Housing, or Pell Grants, this is best described as using this allocation method:

• first come, first serve

• auction

• need based

• brute force

A good is/are

• not enough / limited in quantity

• things that are tangible

• to distribute

• things that are intangible

Receiving a haircut is receiving a

• good

• service