Design a site like this with
Get started

Economics Lesson 55: In what area of your life would you prefer ‘first come, first served’ to ‘high bid wins’? Why?

“First come, first served” and “high bid wins” are two different ways of deciding who gets what.

In some areas of our lives, we might prefer “first come, first served” over “high bid wins”. For example, at a restaurant, it’s usually first come, first served. If you arrive before someone else, you get to sit down and order your food before them. This is a fair way of deciding who gets to eat first, and it doesn’t matter how much money you have.

Another area where we might prefer “first come, first served” is in line for tickets to a popular event. If the tickets are sold on a first come, first served basis, it means that everyone has an equal chance of getting a ticket, regardless of how much money they have. This is important because it ensures that everyone has a fair chance to attend the event, not just those who can afford to pay more.

On the other hand, “high bid wins” might be more appropriate in some situations. For example, when it comes to selling a valuable item like a house, it makes sense to let the person who is willing to pay the most money have the property. This ensures that the seller gets a fair price for their property and can move on to their next venture.

In conclusion, the decision to use “first come, first served” or “high bid wins” depends on the situation. It is important to consider what is fair and what makes the most sense for everyone involved. Sometimes, “first come, first served” is the best option, while in other situations “high bid wins” may be more appropriate. Ultimately, it is up to the individuals involved to decide what is best for them.

Thanks for reading this essay! I hope you learned something new today or simply enjoyed reading through! I’ll be posting more soon and have a blessed rest of your day!

Good News Store!!!


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close