Africa: Economic Systems DT #5 Re-Performance Lesson

​Economic Systems in Africa Discovery Ticket #5

Re-Performance Lesson

Multiple Choice

What are three economic questions all societies must address?

• What to produce?

  How to produce?

  For whom are we producing these items for?

• How much to produce?

  How will items be sold/traded?

  Who will determine the cost?

• What to produce?How much money will it cost?

  Who will sell the items?

• Who will consume the goods and services produced?

  How much will be charged for an item?

  What will be used in production?

Multiple Choice

Which is the best description of a pure command economy?

• The government makes no decisions

• The government makes all the decisions

• Based on supply and demand

• Based on citizens’ needs

Multiple Choice

Which is the best description of a market economy?

• It’s based on supply

•   It’s based on demand

• It’s based on government control

•   It’s based on supply and demand

Multiple Choice

Which is the best description of a mixed economy?

• A blend of command and market economies

• Protects private property and its citizens

• A limited government to achieve various goals

• All of the above

​An economic continuum rates countries based on their economic freedoms on a scale from 0 to 100.

Multiple Choice

What types of economies do most modern countries have?

• main

• market

• command

• mixed

Multiple Choice

Which is the best definition of an economic continuum?

• A scale from 0-100 that describes economies

• A scale from 1-10 that ranks economies

• A mathematical formula that determines the freedom or control of an economy

• A prediction about an economy