Allocation of Goods and Services

Select True or False: One example of an allocation is a majority rule.

• True

• False

Select True or False: One example of a good is a car.

• True

• False

What is the definition of Majority Rule?

• Goods

• Consumers

• Producers

• a political system in which the group that has the most members has the power to make decisions 

What is the definition of Price?

• Services

• Demand

•  the amount of money expected, required, or given in payment for something 

• Money

Match the following:

• objects that satisfy people’s wants

• Allocated

• the amount of money expected, required, or given in payment for something 

• Contests

•  an allocation strategy where the “winner” gets the good, service, or factor of production

• Sharing

• distribute for a particular purpose

• Price

• the resources go to multiple parties by dividing the resource

• Goods

Select True or False: One example of a service is a notepad.

• False

• True