Civics and Economics CE.11

What is the problem of scarcity faced by all individuals and organizations?

• Limited resources to meet unlimited wants

• Abundance of resources

• Equal distribution of resources

• Surplus of resources

Fill in the blank: Scarcity is the inability to satisfy all wants at the same time. All resources and goods are _______.

• scarce

• abundant

• unlimited

• plentiful

Which of the following is a factor of production used in the production of goods and services?

• Money

• Resources

• Time

• Space

What must individuals consider when making a choice according to the concept of opportunity cost?

• The potential benefits of the next best alternative

• The total cost of all possible alternatives

• The time required to make a decision

• The financial cost of the chosen option

Fill in the blank: The greater the amount of decision making that is left to the individual, the closer a system is to a _______ market system.

• free

• controlled

• regulated

• mixed

What is a characteristic of a command economy?

• A) Central ownership of property/resources

• B) Free market competition

• C) High consumer choice

• D) Private sector decision making

In a mixed economy, who are the owners and decision makers for the private sector?

• The government

• Individuals and businesses

• Foreign investors

• Non-profit organizations

Fill in the blank: In a command economy, there is a lack of ________.

• consumer choice

• government control

• central planning

• public ownership

Fill in the blank: The government's role in a mixed economy is greater than in a ________ economy and less than in a command economy.

• free market

• command

• traditional

• socialist

Most economies today, including the United States, are ________ economies.

• mixed

• command

• traditional

• market