S.S. Part 1

Under America's democratic form of government, which of the following are citizens NOT obligated to do?

• Obey the law

• Pay Taxes

• Vote in elections

What is used to pinpoint a location on a map?

• Scale and longitude

• Contour lines and scale

• Latitude and longitude

Consumers must make choices regarding the goods and services to buy with their limited income. By purchasing one good or service, they are giving up the chance to purchase another. This is referred to as which of the following?

• The circular flow model

• Opportunity cost

• Savings account

What are the two main parts of the federal legislative branch?

• President and vice president

• Federal and State

• Senate and House of Representatives

Explain the interactions between business and consumers as shown in the circular flow model.

• Consumers obtain profits and by supplies

• Consumers obtain income, goods, and services from business producers. These producers receive profits and the ability to buy necessary supplies. Money flow one way, and the goods and productive resources flow in the opposite direction. Each sector relies on the other.

• Money flow two ways. neither sector relies on the other.

What are the 4 major sectors of the U.S. economy?

• The four major sectors of the U.S. economy are the primary sector (gathers natural resources), the secondary sector (develops raw materials into finished goods), the tertiary sector (provides consumer or business services), and the quaternary sector (provides informational and knowledge services).

• The three major sectors of the U.S. economy are the primary sector (gathers natural resources), the secondary sector (develops raw materials into finished goods), the tertiary sector (provides consumer or business services), and the quaternary sector (provides informational and knowledge services).

• The five major sectors of the U.S. economy are the primary sector (gathers natural resources), the secondary sector (develops raw materials into finished goods), the tertiary sector (provides consumer or business services), and the quaternary sector (provides informational and knowledge services).

What is the function of money?

• Money functions as a method of exchange to obtain goods and services. Money replaced the barter system, which was often considered inefficient and disorganized

• Paper replaced the barter system, which was often considered inefficient and disorganized

• Coins replaced the barter system, which was often considered inefficient and disorganized

Discuss inflation and deflation

• Inflation occurs when people have money to save, but not enough goods can be produced or imported to meet their demand for a product, which causes prices to rise. The amount of money issued by government-controlled central banks and the prices of leading commodities, such as oil, can also affect inflation. Deflation is when people save their money and spend less, leaving stores with surplus goods, which causes prices to drop.

• Inflation occurs when people have money to spend, but not enough goods can be produced or imported to meet their demand for a product, which causes prices to rise. The amount of money issued by government-controlled central banks and the prices of leading commodities, such as oil, can also affect inflation. Deflation is when people save their money and spend less, leaving stores with surplus goods, which causes prices to drop.

• Inflation occurs when people have money to spend, but not enough goods can be produced or imported to meet their demand for a product, which causes prices to rise. The amount of money issued by government-controlled central banks and the prices of leading commodities, such as oil, can also affect inflation. Deflation is when people save their money and spend less, leaving stores with surplus goods, which causes prices to drop.

The four types of productive resources are as follows:

• Natural resources-the raw materials taken from the land

  Human resources-the human labor, both mental and physical, required to produce goods

  Capital resources-the man-made physical resources used to create products

  Entrepreneurship-the capability and motivation to use the other three resources for a business venture

• Capital resources-the raw materials taken from the land

  Human resources-the human labor, both mental and physical, required to produce goods

  Natural resources-the man-made physical resources used to create products

  Entrepreneurship-the capability and motivation to use the other three resources for a business venture

• Capital resources-the raw materials taken from the land

  Human resources-the human labor, both mental and physical, required to produce goods

  Natural resources-the man-made physical resources used to create products

  Entrepreneurship-the capability and motivation to use the other three resources for a business venture

Economics is the study of how people decide which resources to use in order to fulfill their needs and the outcome of these choices.

• The term economy is used to describe and calculate the supply and demand of goods and services.

• The term basic is used to describe and calculate the supply and demand of goods and services.

• The term value is used to describe and calculate the supply and demand of goods and services.