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Economic Systems

Economic Systems

Assessment

Presentation

Social Studies

6th Grade

Medium

Created by

Patricia McGonagle

Used 310+ times

FREE Resource

13 Slides • 14 Questions

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Economic Systems

by Patricia McGonagle

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Multiple Choice

__________ : when people want or need more of something than there is.

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Scarcity

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Profit

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Opportunity Cost

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Tax

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Multiple Choice

Which of the following is NOT one of the basic questions that all economic systems must answer:

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What to produce

2

How to produce

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How much to produce

4

For whom to produce

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Multiple Choice

In a command economy, economic decisions are made by the

1

Consumers

2

market

3

government

4

producers

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Multiple Choice

Who owns the resources in a command economy?

1

the government

2

no one

3

individuals

4

private business

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Multiple Choice

How are goods and services exchanged in a traditional economy?

1

through prices and wages

2

through government regulation

3

through bartering

4

through shortages and surpluses

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Multiple Choice

People use the resources they have to make only what they need to survive.

1

Market Economy

2

Traditional Economy

3

Command Economy

4

Mixed Economy

15

Multiple Choice

This is an economic system where people follow the occupation of their ancestors:

1

Command

2

Market

3

Mixed

4

Traditional

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Multiple Choice

The four types of economic systems are: 

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Traditional, Command, Mixed, & Market

2

Traditional, Command, Combined, & Market

3

Communism, Capitalism, Free Market, and Macroeconomics

4

Microeconomics, Macroeconomics, Individual, and Traditional.

22

Multiple Choice

An economic system that allows individuals to start businesses, but still has government regulations is

1

Traditional

2

Market

3

Command

4

Mixed

23

Multiple Choice

Most democratic countries today have which economic system?

1

Traditional

2

Market

3

Command

4

Mixed

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Multiple Choice

Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.

1

Market Economy

2

Traditional Economy

3

Command Economy

4

Mixed Economy

25

Multiple Choice

Both supply and demand and the government influence how resources are used to make goods and services.

1

Market Economy

2

Traditional Economy

3

Command Economy

4

Mixed Economy

26

Multiple Choice

Most countries in the world have a ___________________ economy.

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Traditional

2

Command

3

Mixed

4

Market

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Multiple Choice

Which economy is not on the economic continuum?

1

Mixed

2

Traditional

3

Command

4

Market

Economic Systems

by Patricia McGonagle

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