WorksheetsBiztown Unit 1: Community and Economy Assessment
Total questions: 10
Worksheet time: 5mins
Which best describes the circular flow of an economy?
a model of the movement of goods, services, resources and money in an economy
the people and things needed to produce goods and services
work produced by human resources
a model or sample of a product to be produced
A good produced and offered for sale
resource
product
labor
service
Who pays for private goods and services?
philanthropists
government
people who use them
taxpayers
The amount of money left after all business expenses have been paid.
Prototype
Profit
Product
Scarcity
Due to scarcity, people cannot have all of the things they want.
True
False
A free enterprise economy is a system in which economic decisions are made in markets by consumers and businesses with little government influence.
True
False
Payments that citizens and businesses are required to make to a government to pay for public goods and services is called gross pay.
True
False
Citizenship is the effort to increase the well-being of people through charitable giving.
True
False
List two responsibilities that are on the JA BizTown Citizen Contract.
Pay taxes and obey laws
Vote in elections and serve on a jury
Attend school and respect others
Volunteer in the community and recycle
What are the three types of resources?
Natural, Human, Capital
Land, Labor, Capital
Renewable, Non-renewable, Human
Physical, Financial, Intellectual
