Civics Unit 10 Week 1

What is scarcity?

• When there's not enough of something to meet wants
• When prices are too high
• When resources are unlimited
• When consumers stop buying
• When the government makes all choices

What is opportunity cost?

• What you give up when you make a choice
• The money a product costs
• The best option available
• A type of income
• The amount of a good produced

Which of the following is an example of a natural resource?

• Trees
• Teachers
• Tractors
• Credit cards
• Money

What is the definition of resources in economics?

• Factors used to produce goods and services
• Bank accounts
• Items sold in a store
• A type of market
• Scarce products

What are the four main types of resources?

• Natural, Human, Capital, Entrepreneurship
• Monetary, Land, Material, Personal
• Labor, Tools, Management, Investment
• Free, Private, Shared, Government
• Traditional, Command, Free Market, Mixed

What is choice in economics?

• Picking between two or more options
• Getting a discount
• Saving money
• Trading for goods
• Selling products

In the U.S. economy, who primarily owns property and businesses?

• Individuals and private businesses
• The president
• The federal government
• The military
• State officials

What is consumer sovereignty?

• Consumers decide what goods are produced
• The government controls prices
• Consumers pay taxes
• Businesses set laws
• Producers are elected

Which of the following best describes the U.S. economy?

• A mixed economy with mostly free market features
• A complete command economy
• A traditional economy
• A socialist system
• A bartering system

Which term describes the ability to own things legally in the U.S. economy?

• Private property
• Free trade
• Public domain
• Government control
• Public property