Year 10 Economic Systems

Multiple Choice

Which of the following is an example of a scarce resource studied in economics?

• Oil & fuel

• Sunlight

• Friendship

• Unlimited money

Multiple Choice

Why is it important for societies to study how to allocate scarce resources?

• To ensure that resources are hoarded by the wealthy.
• To eliminate the need for government intervention in resource distribution.
• To increase competition among individuals for resources.
• To allocate scarce resources to maximise satisfaction of needs and wants.

Multiple Choice

Which of the following is NOT one of the three basic economic questions that nations must answer?

• What goods and services should be produced?

• How should the goods and services be produced?

• For whom should the goods and services be produced?

• How much money should be printed each year?

Open Ended

Explain how scarcity leads nations to answer the three basic economic questions.

Fill in the Blanks

The shortage of resources is known as

.

Multiple Select

Which of the following are considered economic resources?

• Natural resources

• Human resources

• Capital resources

• All of the above

Multiple Choice

What is the primary goal of an economic system?

• To maximize government control

• To provide people with a minimum standard of living or quality of life

• To increase population growth

• To eliminate all forms of trade

Multiple Choice

Which of the following is a characteristic of a traditional economic system?

• Private property and specialization

• Children follow in parent's footsteps

• Government regulation of the market

• Profit for individuals

Fill in the Blanks

In a market economy, decisions are made according to the law of

and demand.

Multiple Select

Which countries are current examples of a market economic system according to the slides?

• China, Cuba, France

• Switzerland, Canada, Australia

• Mbuti Pygmies, Aborigines Australia, Kung Bushmen

• Sweden, Argentina, South Africa

Multiple Choice

What is one major disadvantage of a command economy?

• Minimal government regulation

• Lack of economic growth

• Minimal choices for consumers

• Competition among businesses

Multiple Choice

Which of the following is NOT a characteristic of a command economic system?

• Private property is allowed

• Equal distribution of income is a goal

• No opposition forces are allowed

• One political party controls the government

Multiple Choice

Which countries are given as examples of both command economic systems and communism?

• Cuba, North Korea, China

• United States, England, Australia

• Canada, Germany, Sweden

• Australia, Great Britain, China

Fill in the Blanks

In a mixed economy, the government takes care of people's

while the marketplace takes care of people's wants.

Open Ended

Explain what is meant by 'economies in transition' and provide an example from the slides.

Fill in the Blanks

Economics is the study of how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of

resources.

Open Ended

In your own words, explain how economics helps individuals and societies make choices about scarce resources.