Civics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Incentives | Things that incite or motivate you to change your economic behavior.
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| Consumer Soverignty | Consumers determine though purchase what goods and service will be produced.
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| Price | The amount of money exchange for a good or service.
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| Profit | Consists of earning after all expenses have been paid.
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| Circular Flow | Resources, goods, service, and money flowing throughout the economy.
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| Opportunity Cost | What is given up when a choice is made-the highest valued alternative.
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| Sole Proprietorship | A business owned by one person who takes all of the risks and all of the profits.
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| Private Property | Property Owned by individuals and businesses for use without undue interference by the government.
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| Resources | Factors of production that are used is the production of goods and services.
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| Production | The combining of human, nature, capital, and business resources to make goods and services.
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| Entrepreneur | A person who takes a risk to produce goods and service in search of a profit.
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| Scarcity | The inability to satisfy all wants at the same time.
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| Competition | Rivalry between producers and sellers of goods and services that results in better quality goods and services at a lower price.
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| Human Reasources | Time, energy, and skills needed to produce goods and services.
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| Corporation | A large business with many owners called stockholders.
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| Natural Resource | The resource from the land that are needed to produce goods and services.
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| Consumption | Using goods and service.
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| Choice | Selecting an item or action from a set of alternatives.
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| Partnership | A form of business owned by 2 or more individuals who share all of the risk and profits.
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| Capital Resource | The tools, machinery, factories and money that are used in providing goods and services.
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| Supply | The amount of a good or service that producers are willing and able to sell at a certain price.
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| Demand | The amount of a good or service that consumers are willing and able to buy at a certain price.
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| Consumer | People who buy and use products.
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| Producer | People who use resources to provide goods and services.
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| Economy | The management of the resources of a country.
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