Economics 1021A/B Study Guide - Final Guide: Pearson Education, Perfect Competition, Sunscreen

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Jeannie Gillmore

Document Summary

Topic: resource allocation methods: majority rule allocates resources in the way that, politicians choose, a majority of voters choose, democracies choose, all voters choose, the military chooses. Parkin/bade, economics: canada in the global environment, 8e: a contest allocates resources to, a winner or a group of winners, an athlete, a gambler, the government, private firms. Topic: resource allocation methods: the first-come, first-served method of resource allocation allocates resources to, the wealthiest, people who are willing to take risks, people who are not willing to take risks, the first in line, honest, hard-working people. Topic: resource allocation methods: when a scarce resource is allocated to someone who is the winner, the method of resource allocation is, a lottery, a contest, first-come, first-served, force, personal characteristics. Topic: resource allocation methods: what method of resource allocation depends on willingness-to-pay and ability-to-pay, command, lottery, market price, first-come, first-served, force.