Question

In 1-2 sentences, describe how the first-come, first-served distribution method works.

Answer 1

In the example of trying to buy the concert ticket, there was a limited good and a distribution method. The limited item was the concert ticket because there were a limited number of these tickets available to consumers. The distribution method is called "first-come, first-served." This is one way that resources can be distributed. It is a method that consists of goods and services being given out to the first people that arrive. For example, the first people in line were the first people who received the chance to buy the concert tickets.

Now, imagine a world where all scarce resources are distributed based on first-come, first-served. You would have to wait in lines for everything that you need and want. But, there would only be a limited quantity of goods and services and only the first people to arrive would receive them.

Explanation

got this from an article on odyssey-ware :)

Answer 2

Imagine it in terms of a line of people, all wanting something. There's a limited amount of 'something'. The people who show up first are the people who receive the 'something' first. If the 'something' runs out, the people at the back of the line are out of luck.