Economic Systems

In which economic system do people get their resources handed down from generation to generation?

• capitalism or market
• traditional or subsistence
• socialism or mixed
• communism or command

In which economic system are people allowed a great deal of individual freedom and are financially rewarded for their hard work?

• capitalism or market
• traditional or subsistence
• socialism or mixed
• communism or command

In which economic system does the government collect taxes to pay for programs that will benefit all citizens?

• capitalism or market
• traditional or subsistence
• socialism or mixed
• communism or command

Josh and Sadie live in a country that has a fairly high tax rate to support a large government which in turn provides all citizens with free education, welfare, healthcare, and social security. What type of economic system do Josh and Sadie have?

• capitalism or market
• traditional or subsistence
• socialism or mixed
• communism or command

In what economic system do consumers freely decide what they want?

• capitalism or market
• traditional or subsistence
• socialism or mixed
• communism or command

In what economic system does the government make decisions on products?

• capitalism or market
• traditional or subsistence
• socialism or mixed
• communism or command

Farmers who only grow enough food for their family with little surplus are known as...

• subsistence farmers
• commerical farmers
• light farmers
• heavy farmers

Farmers who grow plenty of food and sell it to make profit are known as...

• subsistence farmers
• commerical farmers
• light farmers
• heavy farmers

The term used to describe an organized way in which a country uses its resources for the production and exchange of goods and services.

• economic activity
• economic system
• economic development
• work

The economic system that is based on traditional beliefs, technology, and methods is...

• capitalism or market
• traditional or subsistence
• socialism or mixed
• communism or command