Chapter 4 Civics Review: The Basics of Economics

Question 1

Deciding to go to a ballgame rather than do your homework is an example of

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trade-off

Question 2

Investment in the market place is driven by private parties seeking profits

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Capitalism

Question 3

The condition in which economic resources are not being used to their full potential is called

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underutilization

Question 4

Workers are always employed by the government or government-controlled groups

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Communism

Question 5

Producers and consumers drive the economy of a

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market economic system

Question 6

Which of the following examines the costs and expected benefits of a choice?

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cost-benefit analysis

Question 7

Income distribution is determined by market forces that reward productivity

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Capitalism

Question 8

Garbage Collector

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Labor

Question 9

The situation where women tend crops and raise children while men hunt is often found in a

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traditional economy

Question 10

What does the saying “There is no such thing as a free lunch” mean?

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everything costs something

Question 11

Mark Zuckerberg

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Entrepreneurship

Question 12

A person who makes goods or provides services is called a

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producer

Question 13

Which is not considered a need?

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Television

Question 14

Government officials deciding the distribution of all resources is a feature of a

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command economy

Question 15

All resources are owned by the government

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Communism

Question 16

To be a successful entrepreneur requires willingness to

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take risks

Question 17

In a market economy, the real power in the market place is held by the

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consumer

Question 18

The way a society uses scarce resources to satisfy its people’s unlimited wants is called an

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economic system

Question 19

The study of how individuals and societies satisfy their unlimited wants with limited resources is called

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Economics

Question 20

Which of the following best describes wants?

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unlimited and ever changing

Question 21

Into what four categories do economist divide factors of production?

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land, labor, capital, and entrepreneurship

Question 22

The most common type of economic system.

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mixed economy

Question 23

The ultimate economic dilemma that exists when there are not enough resources to satisfy human wants.

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scarcity

Question 24

Which of the following buys goods for personal use?

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consumer

Question 25

Delivery Trucks

Accepted Answer

Capital

Chapter 4 Civics Review: The Basics of Economics

Questions 25

Chapter 4 Civics Review: The Basics of Economics

Questions 25