Unit 1
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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| What is a business? | a company that sells goods and services
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| What are capital resources? | resources made by people, such as factories
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| What is the circular flow model | a model of the movements of goods, services, resources, and money in an economy
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| What is a community? | a place where people live, work, trade, and share
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| What is free enterprise? | a system in which economic decisions are made in markets by people and businesses, with little government influence
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| What are human resources? | the skills and abilities of workers used in production of goods and services
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| What are markets? | a system in which people and businesses buy and sell goods, services, and resources
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| What are natural resources? | hings used in production that occur naturally in the world, such as water
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| What does nonprofit mean? | Institutions developed to increase the well-being of others like education, religion, and health.
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| What is an opportunity cost? | The value of the next best alternative given up when a choice is made
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| What is philanthropy? | The effort to increase the well-being of people through charitable giving
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| What are private goods and services? | Exchanged in the markets for a price
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| What are public goods and services? | Provide benefits to many people and people cannot be restricted from using them.
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| What is a profit? | They money that is left over after a business pays all its costs
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| What is scarcity? | Situation where people can’t have everything they want because of limited resources
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| What are taxes? | required payments to the government
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
hewittl
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