Economics Unit 1

When a resource becomes scarce, what happens to its cost?

• The cost increases.

• The cost stays the same.

• The cost goes down.

• The cost always doubles.

Which word means there is not enough of something?

• spending

• saving

• scarcity

• consequences

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Which of the following can be scarce? Select all that apply.

• money

• food

• water

• trees

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

The resources required to make a product (good or service)

• economics
• consumption
• four factors of production
• scarcity

The place where goods and services are exchanged

• barter
• currency
• market
• resource

Which is NOT a characteristic of Capitalism?

• Market Economy
• Supply and Demand
• Freedom of Competition
• Classless Society

The government or groups of workers might control these resources but the profits are divided among the people.

• Capitalism
• Communism 
• Socialism
• Mixed Economy

In a socialist economy, the wealth is distributed evenly among citizens.

• True
• False

This economic system is based on competition, profits, and self-interest.

• Socialism
• Communism
• Capitalism