JA Biztown Unit 2 Community and Economy

What does philanthropy mean?

• the effort to increase the well-being of others through charitable giving
• the effort to provide health care by the government
• the ability to sell goods and services at a discount
• the requirement to pay taxes as a citizen

What is a responsibility of U.S. citizens?

• being an informed voter
• giving money to charity
• sharing personal information
• participating in group activities

What is required(mandatory) of responsible citizens?

• to volunteer at a community event
• to donate to charity
• to pay taxes
• to sign a contract

Why are taxes required instead of voluntary?

• Not everyone was willing to pay their part.
• Tax money is spent on private goods.
• Taxes can be automatically taken out of your paycheck.
• It was found to be illegal to have voluntary payments.

Which of these is flowing through the circular flow of an economy diagram?

• customers
• entrepreneurs
• regulations
• money

Which of the given options fits with the "businesses produce products" part of the circular flow of an economy?

• A restaurant gives out paychecks to employees.
• Citizens buy vegetables at a store.
• A factory delivers furniture to a store for sale.
• Citizens work at a bank.

Natural resources are ones that ________.

• do not have to be paid for because they come from nature
• are made by people to produce a good
• are found in nature and are used to make goods or provide services
• people make and use

What is a role of business in the economy?

• approve a new government plan
• buy products for personal use
• produce goods and services
• provide labor to build products

What are the three basic economic questions?

• when to produce, where to produce, who to produce for
• what to produce, how to produce, who to produce for
• how much to produce, how much to charge, how to make it
• who will buy, how much to charge, what resources are needed

One option to solving the challenge of scarcity in a free market economy is ________.

• have people make better choices
• make the government provide for everyone's needs
• decrease the amount of resources
• encourage philanthropy among citizens