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WorksheetsCommunity & Economy Review
Total questions: 17
Worksheet time: 17mins
Which best describes the circular flow of an economy?
The flow between businesses and resources
The exchange of money, goods, and services in an economy
Happens only in a resource market
Happens only in a goods and services market
Which is NOT true of public goods and services?
Shared by everyone - sometimes at the same time
Only given to the needy
No one is prevented from using them
Are paid for by taxes
Which is NOT a basic economic question faced by an economy?
What to produce?
How to produce?
How much profit will be made?
For whom to produce?
Who pays for public goods and services?
Philanthropists
Only people who use them
Government
Taxpayers
A free enterprise economy is a system in which economic decisions are made in markets by consumers and businesses.
True
False
Due to scarcity, people cannot have all of the things they want.
True
False
Businesses produce goods and services for citizens, who in turn supply labor and other resources to the businesses.
True
False
Resources are the goods people buy from a business.
True
False
The merchandise, skills, and knowledge offered for sale by businesses or citizens are called ____________.
private goods/services
net pay
taxes
prototype
The amount of money an employee receives after taxes and other deductions are taken from a paycheck is called ________.
right
gross pay
taxes
net pay
Payments that citizens are required to make to government are called ________ .
net pay
gross pay
taxes
withdraw
Members of a town, city, county, state, or country are called citizens.
True
False
In a free enterprise economy, the government make the decisions about what businesses will sell.
True
False
What is NOT a type of resource?
human
capital
natural
technology
The exchange of goods and services is called ______.
trade
taxes
rights
responsibilities
The freedom to act in a certain way is called a right.
True
False
A ___________________ is a model or sample of a product to be produced.
product
citizen
prototype
tax
