ECON 101 2Midtermreview

A demand curve is a marginal benefit curve individual

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: allocate tables. Supermarkets also uses first- come, first- served at checkout. First- come, first- served works best when scarce resources can serves just one person at a time in a sequence. Sharing Equally When a resource is shared equally, everyone gets the same amount of it. You might use this method to share a dessert in a restaurant. To make sharing equally work, people must be in agreement about its use and implementation. It works best for small groups who share common goals and ideals. Lottery Lotteries allocate resources to those with the winning number, draw the lucky cards, or come up lucky on some other gaming system. Provincial lotteries and casinos reallocate millions of dollars worth of goods and services each year. But lotteri...
View Full Document

This note was uploaded on 03/29/2014 for the course ECON 101 taught by Professor Vanderwaal during the Spring '08 term at Waterloo.

Ask a homework question - tutors are online