Unit 7 Civics Review

What is scarcity?

• The ability to satisfy all wants at the same time

• The inability to satisfy all wants at the same time

• The abundance of resources

• The unlimited availability of goods

What must individuals consider when making a choice?

• The value of what is gained

• The value of what is given up

• The number of alternatives

• The ease of the decision

Tags

CCSS.RI.7.1

CCSS.RI.8.1

CCSS.RI.9-10.1

CCSS.RL.7.1

CCSS.RL.8.1

What are the types of resources mentioned?

• Natural, human, capital, entrepreneurship

• Financial, technological, human, natural

• Capital, labor, technological, financial

• Human, natural, technological, financial

What is opportunity cost?

• The cost of the first choice

• The value of the best alternative given up

• The total cost of all alternatives

• The monetary cost of a decision

What determines what is produced in an economy?

• Government regulations

• Consumer preferences and resources available

• Technological advancements

• Historical trends

What is the key factor in determining the type of economy a country has?

• The level of technological advancement

• The extent of government involvement

• The size of the population

• The amount of natural resources

What is the main characteristic of a free market economy?

• Centralized decision making

• Minimal government involvement

• Government ownership of resources

• Fixed pricing

What is the role of competition in a free market economy?

• It limits consumer choice

• It drives innovation and efficiency

• It increases government control

• It reduces the quality of goods

What is the focus of a traditional economy?

• Innovation and change

• Custom and historical precedent

• Government planning

• Technological advancement

What is the main question addressed by all economic systems?

• How to increase population

• How to allocate limited resources

• How to reduce government involvement

• How to expand territory