Civics Unit 10 Week 2

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 a natural resource?

• Trees
• Teachers
• Tractors
• Credit cards
• Money

What are the four types of resources?

• Natural, Human, Capital, Entrepreneurship
• Land, Water, Tools, Money
• Management, Employees, Tools, Markets
• Financial, Physical, Mental, Legal
• Natural, Labor, Markets, Profits

What is choice in economics?

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

What is consumer sovereignty?

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

What is private property?

• The right to own goods or land legally
• The right to free speech
• A government-controlled good
• A public park
• A shared apartment

What motivates businesses to compete and improve?

• Profit motive
• Government support
• Employee wages
• Market demand
• Tax refunds

What is competition?

• Rivalry between producers for consumer purchases
• Price limits set by the government
• Cooperation between companies
• Advertising budgets
• A form of government

What determines price in a market economy?

• Supply and demand
• Laws and regulations
• The business owner’s opinion
• Consumer loyalty
• Media advertising