Understanding the Challenge of Resource Allocation Video


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question 1 of 3

Which of the following represents the basic concept of economics?

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1. Odetta is a middle-aged woman who is disabled and on a fixed income. Which standard of allocation is relevant to her situation?

2. Ethan oversees a large company that produces a significant amount of both goods and services as well as economic profit. Which system of allocation is relevant to Ethan's situation?

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About This Quiz & Worksheet

With this quiz and worksheet, you will be able to test your understanding of challenges involved in allocating resources. You'll be working on questions that deal with types of allocation and resource needs.

Quiz & Worksheet Goals

You can take this quiz and test yourself on these subjects:

  • Economic assumptions
  • Standards of allocation
  • Types of resources required by specific businesses

Skills Practiced

Don't lose out on this opportunity to practice skills such as:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on the challenges of resource allocation
  • Distinguishing differences - compare and contrast topics from the lesson, such as the needs standard of allocation and the contributive standard of allocation
  • Information recall - access the knowledge you've gained regarding the term for deciding how resources are used

Additional Learning

Take the difficulty out of studying and learn more about allocating resources by using the lesson associated with this quiz, titled Understanding the Challenge of Resource Allocation. The lesson will allow you to find information about:

  • What economics studies
  • Concepts associated with economics
  • Three philosophies for dealing with the allocation of resources