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1.2 Economic Systems

1.2 Economic Systems

Assessment

Presentation

Social Studies

9th - 12th Grade

Practice Problem

Easy

Created by

Marlee McNamee

Used 3+ times

FREE Resource

25 Slides • 20 Questions

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Multiple Choice

Which of the following is NOT one of the three basic economic questions every society must answer?

1

What goods and services should be produced?

2

How should these goods and services be produced?

3

Who consumes these goods and services?

4

How much money should each person earn?

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Multiple Choice

Which of the following is NOT a type of economic system listed?

1

Traditional Economy

2

Command Economy

3

Free Market Economy

4

Barter Economy

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Multiple Select

In a traditional economy, economic questions are answered by _______.

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customs
2

habits

3

money

4

governments

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Multiple Select

Which of the following are advantages of a traditional economy?

1

Basic economic questions answered by individuals/communities

2

Typically revolves around the family unit

3

Little room for innovation or change

4

Agricultural and hunting practices usually are the focus

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Multiple Choice

In a command (centrally-planned) economy, who owns all the resources and answers the three economic questions?

1

Private individuals

2

The government

3

Religious leaders

4

Foreign investors

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Multiple Choice

Which of the following is a disadvantage of a command (centrally-planned) economy?

1

Low unemployment

2

No incentive to work harder

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Great job security

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Less income inequality

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Fill in the Blank

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Open Ended

List two advantages and two disadvantages of a free market economy.

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Fill in the Blank

Type answer...

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Multiple Choice

According to Adam Smith, what is the motivating factor in a free market that pushes people to act?

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Self interest

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Government regulation

3

Charity

4

Tradition

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Open Ended

How do self-interest and competition work together to regulate the marketplace, according to the concept of the 'invisible hand'?

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Multiple Select

Which of the following are effects of competition among firms in a market?

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Lower prices

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Higher quality

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Greater efficiency

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Increased government involvement

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Fill in the Blank

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Open Ended

What are some reasons governments get involved in mixed economies?

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Multiple Choice

Who is considered the 'father of modern capitalism' and what major work did he write?

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Adam Smith - The Wealth of Nations

2

Karl Marx - The Communist Manifesto

3

Robert Owen - Utopian Socialism

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John Maynard Keynes - The General Theory

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Multiple Choice

Which of the following best describes the foundation of the United States economic system?

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Free market values and free enterprise system

2

Government ownership of all businesses

3

Centralized economic planning

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No government involvement in the economy

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Multiple Select

Identify three features of the American Free Market Economy as described in the slides.

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Economic Freedom

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Government ownership of property

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Competition

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Private Property

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Fill in the Blank

Type answer...

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Open Ended

How does the American government participate in the economy according to the slides?

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Open Ended

What is one key difference between major economic systems discussed in this lesson?

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