12.7 Economic Concepts

Multiple Select

Which of the following are elements of a free market economy? (Select the two correct choices)

• Government control of prices

• Private ownership of resources

• Voluntary exchange

• Central planning

Open Ended

What is one way you could have used your money differently the last time you made a purchase?

Multiple Choice

Which of the following is a key feature of a market economy?

• Government sets all prices for goods and services.

• Businesses compete to attract consumers.

• Consumers have no choice in what they buy.

• There is no motivation for profit.

Multiple Select

Which of the following demonstrates elements of the free market in the United States economy? Select all that apply.

• Hailee, a restaurant owner, makes sure to keep the kitchen clean in case a state health inspector comes.

• Bridget thinks lunch at Pizza Palace is too expensive, so she eats at Antonio's Pizza instead.

• American Motor, a car manufacturer, must reduce its cars' emissions to meet federal requirements.

• Payton receives two job offers for similar positions and accepts the job that pays more.

Open Ended

Describe an activity that indicates a healthy economy and explain why it is important.

Multiple Choice

Match the following example to the correct economic term: 'A school supply manufacturer pays its employees.'

• income

• revenue

• costs

• spending

​Coming Up:

​Tomorrow: Government Influence in the Economy

Thursday: Flex Day- No Class

Friday: Live Classroom- Final Review for the Assessment of Civics Knowledge