Civics and Economics Unit 6

Television programming in the US is now available in a number of different services like cable and the internet. How does this trend demonstrate an effect of the free enterprise system?

• Higer capital cost have resulted in more investment opportunitites.

• Increased government regulation has led to higher prices.

• Increased market competition has resulted in the more choices for consumers.

• Stronger copyright laws have limited access to new shows.

In 1824, the Supreme Court delivered its ruling in the Gibbons v. Ogden case. Aaron Ogden claimed that a New York license gave his company the sole right to operate steamboat ferries between New York City and New Jersey. Thomas Gibbons claimed that a federal law gave him the right to operate steamboat ferries, too. The Supreme Court agreed with Gibbons.

The Supreme Court’s decision in this case upheld what characteristic of the United States free enterprise system?

• monopoly

• competition

• redistribution

• protectionism

If Miryam chose to spend an afternoon studying instead of earning money at her job, which value represents her lost income?

• elastic price

• externalities

• opportunity cost

• trade-off

One way companies distinguish themselves from competitors is by

• promoting differences in products.

• increasing production capabilities.

• supporting anti-trust legislation.

• improving safety standards for workers.

What are the four factors of production required for industrialization?

• capital, entrepreneurs, labor, natural resources

• specialization, trade, markets, consumerism

• interest, profit, demand, disposable income

• goods, services, wages, technology

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

The using up of a resource

• scarcity
• supply
• services
• consumption

How much people want something

• supply
• demand

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur