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2.3 Economic Systems

2.3 Economic Systems

Assessment

Presentation

Social Studies

12th Grade

Practice Problem

Hard

Created by

Amy Schneider

Used 1+ times

FREE Resource

19 Slides • 8 Questions

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Multiple Choice

Which of the following is most likely a function of government in an economic system, as shown by the green arrows in the diagram?

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Collecting taxes and providing subsidies

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Producing all goods and services directly

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Setting prices for every product

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Eliminating all private businesses

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Multiple Choice

What are the four factors of production in economics?

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Land, Labor, Capital, Entrepreneurship

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Land, Money, Technology, Labor

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Labor, Capital, Technology, Management

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Land, Labor, Money, Entrepreneurship

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Fill in the Blanks

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Multiple Choice

In a capitalist system, who owns the means of production?

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The government

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Individuals or companies

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The military

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The community

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Multiple Choice

Who are the two main theorists whose work forms the basis of socialism?

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Adam Smith and John Locke

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Karl Marx and Frederich Engels

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Vladimir Lenin and Joseph Stalin

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John Maynard Keynes and Milton Friedman

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Fill in the Blanks

Type answer...

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Multiple Choice

In the United States, which of the following is an example of a public sector service?

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Private schools

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Roads

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Fast food restaurants

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Tech startups

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Multiple Select

Which of the following are examples of government regulation in the workplace in the US?

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Minimum wage laws

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Workplace safety rules

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Company profit sharing

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Licensing requirements

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