Personal Finance Vocabulary Review

is when we do not have enough of something

• scarcity

• service

• benefit

• opportunity cost

 is used to buy an item that you may need or want

• goods

• money

• barter

• contest

the value of what is given up when a decision is made

• allocate

• benefit

• opportunity cost

• service

is something that is helpful and good

• goods

• services

• allocate

• benefit

When people vote as a group to decide on how to allocate a resource (give out a good)

• majority rule

• barter

• services

• choices

Michael’s name is picked out of a bag to win movie tickets.  This is an example of a

• lottery

• opportunity cost

• choice

• force

you exchange goods or services without money

• services

• goods

• barter

• price

has winners and losers

• majority rule

• force

• contest

• goods

is when the goods are allocated to the first people in line to purchase them

• lottery

• contest

• first-come, first-serve

• authority

“Class, today we are having a test. My expectation is that you stay at a voice level 0,” said the

teacher.

• barter

• contest

• opportunity

• authority