economic systems-Flocabulary
Authored by Una Smit
History
6th - 8th Grade
Used 539+ times
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About
This quiz focuses on the fundamental concepts of economic systems, specifically examining the three basic economic questions, the characteristics of command and market economies, and the principles of supply and demand. The content is appropriate for middle school students, particularly grades 6-8, as it requires students to understand abstract economic concepts while applying them to real-world examples like the Soviet Union and modern economies. Students need to grasp the core differences between command economies (where government controls production and distribution) and market economies (where supply, demand, and competition drive economic decisions). The quiz assesses students' ability to identify the three fundamental economic questions that all societies must answer, recognize the role of government versus private ownership in different economic systems, understand how supply and demand affect pricing, and analyze the theoretical advantages and disadvantages of different economic models. Students must also demonstrate knowledge of historical examples and apply economic principles to explain phenomena like market fluctuations and competition. Created by Una Smit, a History teacher in the US who teaches grades 6 and 8. This quiz serves as an excellent tool for reinforcing students' understanding of economic systems after introducing these foundational concepts in social studies class. Teachers can deploy this assessment as a formative evaluation to gauge student comprehension before moving on to more complex economic topics, or use it as a review activity before unit tests. The quiz works effectively as a warm-up activity to activate prior knowledge, as independent practice for homework assignments, or as a quick check for understanding during instruction. The questions align with social studies standards including NCSS.D2.Eco.1.6-8 (analyzing economic decisions) and NCSS.D2.Eco.2.6-8 (evaluating economic systems), while supporting Common Core literacy standards through reading comprehension and analytical thinking. This resource particularly strengthens students' ability to compare and contrast different economic models and understand the relationship between economic theory and real-world applications.
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Every economic system answers three questions. What is produced? How is it produced?
For whom is it produced?
Why is it being produced?
Should it be proeuced at all?
How easily can it be produced?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economic system is a society's system of production, distribution and consumption of
natural resources
goods and services
stocks and bonds
factors of production
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who owns factors of production in a command economy?
private citizens
religious institutions
the government
all of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or false Production is typically based on a quota in a command economy
true
false
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
which of the following is not a characteristic of a market economy?
profit is the motivation for most businesses
supply and demand dictate price and production
competition between businesses is discouraged
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If supply is low and demand is high
prices rise
prices drop
prices remain flat
competition disappears
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In theory which type of economic system should not experience market fluctuations.
command economy
mixed economy
market economy
all of the above
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