Civics Final Exam 2026 – 75 Q&A – Economics, Government, Labor, Market Systems

This document provides a complete and well-structured final exam review for Civics 2026, featuring 75 verified questions and answers that cover essential topics in economics, business, labor relations, and civic responsibility. It explores foundational economic principles such as scarcity, opportunity cost, trade-offs, and the four factors of production, while also addressing broader systems like capitalism, market economies, and the role of government in regulating the economy. Students will find clear explanations of the laws of supply and demand, elasticity, profit motive, and market dynamics. The document also covers critical aspects of labor structures, including labor unions, strikes, arbitration, collective bargaining, and the classification of business ownership such as sole proprietorships, partnerships, and corporations. Additional coverage includes: Government policies and regulation: monopolies, antitrust laws, subsidies, public vs. private goods, externalities Basic financial concepts: income types, the stock market, dividends, P/E ratios, and transparency in the market Ideal for: Students studying Civics, Economics, Government, or Financial Literacy Learners preparing for final exams or standardized social studies assessments Use in review sessions, independent study, or flashcard-based learning Keywords: scarcity, opportunity cost, trade-off, capitalism, free enterprise, economic systems, market economy, GDP, supply and demand, elasticity, equilibrium price, profit, labor unions, strike, lockout, arbitration, collective bargaining, monopoly, antitrust laws, public goods, private goods, stock market, P/E ratio, business structures, partnership, corporation, stockholder, disposable income, discretionary income, services, economic models, economic freedom