Types of Economies

Match

Match the following defintions with vocabulary

• the study of how people meet their basic needs

• when you do not have enough of it

• people never get enough, there is always something else that they want

• only a certain amount of available goods and services, cannot fufil everyone's wants

Economics

Scarcity

Unlimited Wants

Limited Wants

• Economics

• Scarcity

• Unlimited Wants

• Limited Wants

Categorize

Options (16)

Back Packs

Shoes

Laptops

Watches

Cameras

Televisions

Furniture

Appliances

Plumbing Services

Legal Services

Accounting Services

Consulting Services

Healthcare Services

Transportation Services

Education Services

Entertainment Services

Organize these options into the right categories

Examples of Goods

Examples of Services

Multiple Choice

Subsistence agriculture is

• Commercial farming for profit
• Urban agriculture in cities
• Industrial agriculture for mass production
• Self-sufficient farming system for personal consumption

Multiple Choice

An real life example of subsistence farming is

• Family growing vegetables in their backyard garden
• Hunting for sport
• Fishing in a commercial fishery
• Working in a corporate office

Multiple Choice

A real life example of cottage industry is

• Fast food chain restaurant
• Automobile manufacturing plant
• Handmade textiles or crafts production by a family-run business
• Online retail store

Multiple Choice

A real life example of Free Enterprise is

• A farmer selling their produce directly to consumers
• A company with a monopoly on a specific industry
• A government-run healthcare system
• A teacher providing free tutoring services to students

Match

Match the following

• an economic system in which people own their own goods and property

• what remains after the cost of running the business are paid

• how much of a good producers are willing to make and sell

• how much of a good consumers are willing to buy

free market system

profit

supply

demand

• free market system

• profit

• supply

• demand

Multiple Choice

A real life example of supply is

• Grocery store restocking inventory
• Library lending books to patrons
• Car dealership selling used cars
• Bakery selling fresh bread

Multiple Select

A real life example of economic demand

• Cost of movie tickets decreasing

• Launch of a new expensive fashion line

• Black Friday sales

• the price of yachts sky rockets and prices out many and their stores close

Categorize

Options (11)

Custom and tradition determine what should be produced, how it should be produced and for whom

people are free to take part in any business, buy any product, or sell any legal product.

Barter system is commonly used for trade

Little room for innovation and change

Goods and services are produced for survival rather than profit

Strong emphasis on community and cooperation

Competition drives innovation and efficiency

Prices are determined by supply and demand

Government intervention in the economy is minimal

Organize these examples into the right categories

Traditional Economy

Free Enterprise System

Categorize

Options (12)

crop production is intended for distribution to grocery stores, and super markets

everything grown is intended for use by the family or village

Large-scale farms focused on maximizing profit

Utilizes advanced technology and machinery for efficiency

Exports crops to international markets

Contributes to global food supply chain

Relies on traditional farming methods and tools

Emphasizes crop diversity for nutritional needs

Less reliance on external inputs like fertilizers and pesticides

Contributes to local food security

Organize these options into the right categories

Commercial Agriculture

Subsistence Agriculture

Multiple Choice

Communism is

• A form of government in which power is derived from the people

• A form of government based on monarchy
• A form of government in which religion is the foundation

• A political and economic system where the government controls all

Multiple Choice

A real life example of Communism is

• when the Soviet Union nationalized all private property

• when America rebelled against Great Britain

• when Iran instituted its religion as supreme law

• when North Korea gave their citizens freedoms

Categorize

Options (10)

United States

Soviet Union

Australia

Germany

Japan

South Korea

China

Cuba

North Korea

Vietnam

Organize these options into the right categories

Countries that practice Free-Enterprise

Countries that practice Communist System

Match

Match the following

• an economic system in which the most important producing goods are owned by govt rather than individual

• Private property ownership abolished

• ability to make profit is what drives people to risk their money

• often there is no private property: things are owned by the family or village in common

Socialism

Communism

Free Enterprise

Traditional Economy

• Socialism

• Communism

• Free Enterprise

• Traditional Economy

Multiple Choice

Socialism is

• An economic and political system where the means of production are owned and controlled by the state or the community as a whole.
• An economic and political system where everything is controlled by the state or the community as a whole.

• An economic and political system where people are able to meet their needs and wants

• An economic and political system where the community decided what to produce and how

Categorize

Options (12)

production is set by tradition and customs

production is based off interaction of producers and consumers

production is determined by government planners

production is determined by government and private cooperation

driven by supply and demand

people meet their basic needs much as their ancestors

workers labor together and are supposed to share equally in their fruits and labor

government provides low cost or free public services: schools, health care etc.

little room for innovation or change in production methods

individuals have the freedom to start their own businesses

resources are owned collectively by the state

focus on providing a social safety net for all citizens

Organize these options into the right categories

Traditional

Free Enterprise

Communist

Socialist

Multiple Choice

The features described in the boxes best describes the working of a -

• traditional economy

• free enterprise

• socialist

• communist

Multiple Choice

In Indonesia, the government owns large industries and sets some prices. However, private businesses are also encouraged and several hundred are actively traded on the Indonesian Stock Exchange. This country's economy system can best be classified as -

• traditional

• free enterprise

• socialist

• communist

Multiple Choice

Which is a central characteristic of a free market economy?

• the government owns the means of production

• all wage earners are paid the same amount

• labor unions are prohibited

• Businesses are drive by the desire for profits

Multiple Choice

In which economic system would you expect the widest selection of consumer goods?

• traditional

• free enterprise

• socialist

• communist

Multiple Choice

In a traditional economy, information about the way goods are produced is passed from one generation to the next by the-

• family

• legal system

• public schools

• government

Multiple Choice

Which is a major feature of an economy based on subsistence farming?

• most adults work outside the home

• farmers compete with each other

• farmers raise just enough crops for their family to survive

• the government decides which crops will be grown

Multiple Choice

Based on the information in the article, the Minister of Economies most likely lives in a country that has a -

• traditional

• socialist

• communist

• free enterprise

Multiple Choice

Which group has the greatest influence in determining what goods and services will be produced in a communist economic systems?

• farmers

• government officals

• consumers

• business leaders

Multiple Choice

In a socialist economic system, the government -

• has little say in what goods are made

• does not influence the distribution of goods and services

• guarantees all consumers a high income

• often owns major businesses

Multiple Choice

Which heading best completes the partial outline below?

• Types of Economic Systems

• Characteristics of a Free Enterprise Economy

• Structure of a Socialist Economic System

• Cottage Industries

Multiple Choice

Which statement describes an aspect of traditional economy?

• profit motivates individuals to set up private businesses.

• The interplay of supply and demand regulates prices.

• Tradition and customs greatly influence economic decisisons.

• Government directs and controls the means of productions

Multiple Choice

What occupation would most commonly be found in Country 1?

• subsistence farming

• computer programers

• mining

• commercial agriculture

Multiple Choice

Which statement would be true of the economy in Country 2?

• Many businesses compete to have the lowest price

• Most people follow their parents' occupation

• A major goal of the economy is to have a classless society

• Few people receive education or training outside the home

Multiple Choice

A supporter of the economic system found in Country 3 would most likely agree with which statement?

• All nations can benefit from cottage industries

• Revolution is the only solution to current economic problems

• A planned economy is necessary in order to industrialize

• Government should limit its interference in the economy

Multiple Choice

Which forces play the greatest role in determining the distribution of goods and services in a free enterprise economic system?

• court rulings and expert opinions

• government officials and military needs

• producer supply and consumer demand

• village elders and community tradition

Multiple Choice

An essential characteristic of a communist economy is the -

• interactive of supply and demand

• organization of worker unions

• privatization of business

• government ownership of property