Unit 1 Social Studies Summative

• Opportunity cost is best described as: 

•  The cost of an item or activity in terms of a sacrifice of other alternatives. The second choice. 

• The total cost incurred in choosing an alternative. 

• • The cost of producing one more unit of a good. 

• • The cost of producing one more unit of a good. 

Rational decision-making involves:

• Choosing the option with the highest cost. 

  
  

• Comparing the marginal benefits and costs of an action. 

  
  

• Selecting the option with the least benefit. 

  
  

•  Ignoring marginal costs.

Which economic system prioritizes individual freedom and no government intervention?

• Market

• Command

• Mixed

• Traditional

The role of government in a command economy is primarily to:

• ontrol all economic activities and regulate prices. 

  
  

• They are not involved. 

• Control the road ways. 

  
  

Identify the four factors of production and briefly describe each term: 

Provide one real world example of a Law of Supply and Demand in complete sentences: 

• Hint: 

1) If the supply increases and demand stays the same, the price will go down.

 2) If the supply decreases and demand stays the same, the price will go up.

 3) If the supply stays the same and demand increases, the price will go up.

 4) If the supply stays the same and demand decreases, the price will go down.

What are the three economic systems? 

• Mixed, market, communism

• Command, authorian, and military

• Mixed, market, command

The form of government in which the will of the people is expressed through elected representatives is:

• Democracy

• Capitalism

• Republic

• Monarchy

In which form of government are all of the government's powers concentrated in a strong central government?

• Traditional

• Unitary

• Confederate

• Traditional

Most governments in the world today are:

• Confederate

• Federal

• Communist