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Economic Systems and Vocabulary

Authored by Mitzi Faust

Social Studies

6th Grade

Used 17+ times

Economic Systems and Vocabulary
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economy in which most of the economic decisions are made based upon customs and habits of how such decisions were made in the past.

Market

Traditional

Command

Mixed

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system based upon individual choices and voluntary trade.

Traditional

Mixed

Command

Market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The government owns the means of production in this economic system.

Command

Mixed

Market

Traditional

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sometimes called Free Enterprise which allows for private ownership of businesses and property.

Traditional

Command

Market

Mixed

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system where decisions are made based upon beliefs, rituals, religion and other cultural factors.

Market

Traditional

Mixed

Market

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system where people usually just produce enough to meet their needs for survival.

Traditional

Market

Mixed

Command

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government planning groups make the basic economic decisions such as which goods and services to produce, prices, and wage rates.

Market

Traditional

Mixed

Command

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