Types of Economic Systems

Multiple Choice

Why does scarcity exist?

• Limited resources and unlimited human wants
• Due to the equal distribution of resources and wants among all individuals
• Because resources are abundant and human wants are limited

Multiple Select

What are the 4 basic economic questions each society must answer?

• What to produce?

• How to produce ?

• For Whom will it be produced?

• How much to produce?

• When to produce?

Categorize

Options (8)

Capitalism

Socialism

Communism

Traditional fishing communities

Based on customs & beliefs

Government owns factors of production

Citizens are owners of factors of production

Have a blend of market, command or traditional economies

Organize these options into the right categories

Market Economies

Command Economies

Traditional Economies

Mixed Economies