Economics & Citizenship JA

Which best describes the term circular flow of an economy?

• the flow between businesses and resources

• the exchange of money, goods, and services in an economy.

• happens only in a resource market

• happens only in a goods and services market

Which is NOT true of public goods and services?

• shared by everyone- sometimes at the same time

• only given to the needy

• no one is presented from using them

• are paid for by taxes

Which of the following is NOT a basic economic question?

• What to produce?

• How to produce?

• for whom to produce?

• how much profit will be made?

Who pays for public goods and services?

• taxpayers

• government officials

• only people who use them

• philanthropists

In a free enterprise system economic decisions are made by whom?

• the government

• a small group of very smart people

• consumers and businesses

• customers

The term for a situation in which people cannot have everything they want because of limited resources is called...

• trade

• an investment

• opportunity cost

• scarcity

In a community businesses produce goods and services for citizens and the citizens........

• supply the labor and other resources to the businesses

• supply the business owners with cash

• supply the businesses with loans

• shop when it's convenient.

The goods people buy from a business are called

• skills

• resources

• products

• natural resources

The exchange of goods and services is called...

• trade

• an economy

• marketing

• profit sharing

In a community citizens have a responsibility to

• pay taxes

• obey the laws

• vote

• all of these