Economics Concepts

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Economics

Back

The study of the allocation of scarce resources.

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Scarcity

Back

When unlimited wants exceed limited desires; a permanent condition.

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Opportunity cost

Back

Whatever must be given up to obtain some item.

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Price allocation

Back

Whoever can afford it can have it.

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Majority rule allocation

Back

Resources are allocated by the group that holds the most political or economic power.

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Contest allocation

Back

Resources are allocated by whomever demonstrates the most skill or luck.

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Force allocation

Back

Resources are allocated to those who can remove or intimidate them from others.

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Sharing allocation

Back

Resources are allocated equally based on number or need.

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Lottery allocation

Back

Resources are allocated randomly based on a drawing.

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First-come-first-served allocation

Back

Resources are given out based on who is willing and able to spend the most time to be first to take them.