0102 Economic Systems

Multiple Choice

Which of the following is NOT typically included in a modern economy?

• Production of goods and services

• Buying and selling

• Employment and income

• Weather patterns

Multiple Choice

Which of the following factors shape economic systems?

• Geography and availability of natural resources

• Technology and education

• Population size and language

• Climate and religion

Multiple Select

Which of the following are characteristics of a market economy?

• Decision-making is decentralized

• Government sets prices and wages

• Private individuals own businesses

• Supply depends on demand

Open Ended

Explain how government involvement differs between a command economy and a mixed economy, using examples from the slides.

Fill in the Blanks

A mixed economy combines elements of

and command systems.

Fill in the Blanks

A modern economy includes the production of goods and services, buying and selling, and employment and

.

Multiple Choice

Country X has a healthy economy that is driven by what citizens want. Where there is demand, manufacturing follows, as long as they follow government guidelines. What kind of country is present here?

• Command Economy

• Mixed Economy

• Traditional Economy

• Market Economy

Multiple Choice

Country Y has an economy driven by its government. Citizens are provided with certain necessities but are not allowed to own businesses. Country Y does not trade with neighboring countries to get what they need. What kind of economy is present here?

• Command Economy

• Mixed Economy

• Traditional Economy

• Market Economy

Multiple Choice

Country Z encourages its citizens to come up with new ideas and open businesses to create more GDP for their country. Citizens still have to pay taxes and follow the rules established by the government, but generally experience more freedom to make their own decisions. What kind of economy is present here?

• Command Economy

• Mixed Economy

• Traditional Economy

• Market Economy