What is Scarcity?

• ways that goods and services can be distributed

• Resource that goes to the person who is randomly selected

• Limited number of Resources

• to trade or barder

Goods are...

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

• jobs that people provide for other people

• limited number of resources

• ways that goods or services are distributed

Barter is another word for...

• allocation

• trade

• goods

• services

Ways that goods and services are distributed

• allocation

• goods

• scarcity

• lottery

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.

• Price

• Majority

  Rule

• First Come First Served

• Contest

Name the Resources Allocation...

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

• Force

• Sharing

• Contest

• Majority Rule

Name the Resource Allocation:

The winner or recipient of the good or service is chosen randomly.

• lottery

• personal characteristics

• Contest

• Sharing

Name the Resource Allocation:

People who can afford to pay the cost will receive the good or service.

• Lottery

• Majority

  Rule

• Contest

• Price

Name the Resource Allocation:

A competition is held where the winner receives the good or service.

• lottery

• contest

• price

• force

Opportunity Cost is....

• what is given up when a decision is made

• to trade or barter

• goods and services

• a video game