Civics Unit 10 Week 3

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

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 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 improve products and reduce prices?

• Profit motive
• High taxes
• Government orders
• Fear of bankruptcy
• Increased demand

What is a proprietorship?

• A business owned by one person
• A government-run agency
• A group of companies
• A publicly-owned company
• A bank

What is a corporation?

• A business owned by shareholders
• A company owned by one person
• A partnership with banks
• A government entity
• A public school

What is an entrepreneur?

• A person who starts a business
• A government employee
• A bank manager
• A consumer
• A person who writes laws

Entrepreneurs help create:

• New products and jobs
• More government laws
• Fewer business choices
• Less competition
• Lower interest rates