According to the theory of the "invisible hand"...

People will choose the option that has the best features at the best price.

People do not understand why they make decisions.

Companies are told by the government what products to make.

Which of the following is not an instance when the government should step in?

To ensure a company is profitable.

To provide public goods and services

When companies make bad decisions (market failure)

The idea that every solution has a trade off is similar to which statement?

There is no such thing as a free lunch.

Match each descriptor with the right economic system.

Ruled by the customs and traditions of the people's economic past

Allows for certainty of position in economy, but discourages progress

Puts those who don't produce at a disadvantage in the economy

Breeds lack of quality in work as the workers have no say

Allows for changes to be made quickly and efficiently

What is Specilization?

the process of concentrating on and becoming an expert in a particular subject or skill

doing the things you don't want to do

doing the important tasks first

the process of concentrating on and becoming an expert on multiple tasks

How does Mr. Clifford define Capitalism?

An economic system that allows for Private ownership of resources (land, labor, and capital) and promotes competitive markets.

An economic system that allows for State owned resources and promotes monopolies.

An economic system that is based on traditions, habits and rituals.

People that practice capitalism are motivated by __________.

coercion (persuading someone by force)

Why are the consumers the big winners of Capitalism?

Best products at the lowest prices

High prices and low quality products

What is a drawback of capitalism? (Select all that apply)

excessive consumption (always wanting more)

What is a key aspect of Capitalism?

Individuals control the resources.

Government controls the resources.

Resource Library

Social Studies

Economics

Economics Unit 1 Lesson 4

Economics - Unit 1 - Lesson 4

Interactive Video

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Social Studies

•

9th Grade

•

Practice Problem

•

Medium

Sara Honsinger

Used 1+ times

FREE Resource

51 questions

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SLIDE QUESTION

30 sec • Ungraded

SLIDE QUESTION

30 sec • Ungraded

CATEGORIZE QUESTION

3 mins • 4 pts

Which economic system matches each scenario?

Groups:

(a) SOCIALISM

(b) COMMUNISM

(d) CAPITALISM

MATCH QUESTION

1 min • 4 pts

Match the following each country to the correct economic system.

Canada

COMMUNIST

Syria

CAPITALIST

China

FASCIST

Germany

SOCIALIST

SLIDE QUESTION

30 sec • Ungraded

SLIDE QUESTION

30 sec • Ungraded

SLIDE QUESTION

30 sec • Ungraded

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