Economic Systems

Economic Systems

Assessment

Flashcard

Geography, Social Studies

9th Grade

Hard

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20 questions

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1.

FLASHCARD QUESTION

Front

People meet their basic needs much as their ancestors did.

Back

Traditional Economy

2.

FLASHCARD QUESTION

Front

People freely produce and buy what they want.

Back

Free Enterprise (Capitalist/Free Market) Economy

3.

FLASHCARD QUESTION

Front

Government owns some (but not all) basic industries.

Back

Socialist (Mixed) Economy

4.

FLASHCARD QUESTION

Front

Government sets all economic goals to be met. Options: Socialist (Mixed) Economy, Free Enterprise (Free Market/Capitalist) Economy, Communist (Command) Economy, Traditional Economy

Back

Communist (Command) Economy

5.

FLASHCARD QUESTION

Front

Economic decisions are made on the basis of customs and beliefs handed down from one generation to another.

Back

Traditional Economy

6.

FLASHCARD QUESTION

Front

In this economic system, the three fundamental economic questions are answered by the interplay between consumers and producers: 1. What should be produced? 2. How should it be produced? 3. Who gets what is produced?

Back

Free Enterprise (Free Market/Capitalist) Economy

7.

FLASHCARD QUESTION

Front

Private ownership of smaller businesses is allowed.

Back

Socialist (Mixed) Economy

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