Economic Systems

Open Ended

What Standard of Living do you hope to attain in life? How do you plan to accomplish this goal?

Dropdown

The very best investment you can make is in ​

Select answer

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Multiple Choice

According to the graphic, what happens when supply goes up?

• Price increases when supply goes up.
• Price decreases when supply goes up.
• Supply decreases when price goes up.
• Price remains unchanged when supply goes up.

Multiple Choice

According to the graphic, what happens when demand goes down?

• Price increases when demand goes down.
• Supply remains unchanged when demand decreases.
• Quantity supplied decreases when demand falls.
• Price decreases when demand goes down.

Multiple Choice

According to the graphic, what happens when supply goes down?

• Price remains the same when supply goes down.
• Price decreases when supply goes down.
• Price fluctuates randomly when supply goes down.
• Price increases when supply goes down.

Multiple Choice

Which of the following best defines an economic system?

• A method used by a society to produce and distribute goods and services

• A way to increase government revenue

• A system for organizing political parties

• A method for reducing unemployment

Multiple Choice

What questions do economic systems consider?

• What resources to allocate, how to distribute them, who will manage them, when to invest in new technologies?
• What prices to set, how to market them, who will buy them, how to improve production efficiency?
• What policies to implement, how to regulate markets, who will oversee compliance, when to adjust tariffs?
• What goods and services to produce, how will they produce them, who will get them, how much will they produce now and how much later?

Multiple Choice

What economic system does the United States have in place?

• Socialism
• Feudalism
• Capitalism/Free Enterprise Market

• Communism

Multiple Select

Which of the following are characteristics of a capitalist or free market economy? 3 correct answers

• Economic freedom

• Competition

• Private property

• Government ownership of all resources

Multiple Choice

In a free market economy, individuals make decisions based on what is best for them. What is this concept called?

• Self-interest

• Voluntary exchange

• Profit motive

• Government planning

Fill in the Blanks

Multiple Choice

Which of the following best describes the type of economy in the United States?

• Free market economy

• Command economy

• Mixed economy

• Traditional economy

Multiple Choice

What best defines Laissez-Faire?

• An economic model that prioritizes social welfare over profits.
• The belief that markets need strict regulations to function.
• The idea that the free market, through supply and demand, will regulate itself if government does not interfere.
• A system where the government controls all economic activities.

Multiple Choice

How does government provide in a mixed economy?

• The government regulates business practices, limits market choices, and provides social welfare.
• The government solely owns all businesses and controls production.
• The government encourages free market competition and deregulates industries.
• The government provides tax breaks and incentives for private companies.

Multiple Select

Which of the following are examples of government involvement in a mixed economy? 3 answers only

• Setting minimum wage

• Providing Medicare

• Allowing monopolies

• Limiting production of certain goods

Multiple Choice

What are some disadvantages of Communism?

• High levels of innovation and creativity.
• Encourages competition among workers.
• Promotes individual ownership of resources.
• Inefficient, no incentive to work hard or be creative.

Multiple Choice

What countries have a Communism system in place?

• India, Brazil, Mexico, Argentina
• Germany, France, Italy, Spain
• Japan, South Korea, Australia, Canada
• China, Vietnam, North Korea, Cuba

Open Ended

What is a good and services?