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Economic Systems

Authored by Scott Henderson

Geography

9th Grade

Used 7+ times

Economic Systems
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system is the protection of private property rights essential?

Command

Traditional

Market

Socialism

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

Command

Socialism

Market

Traditional

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Mixed

Market

Traditional

Command

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For markets to work efficiently, _________________ need to be well defined and enforced by law, otherwise trade would break down.

competition

private property rights

voluntary exchange

consumer soverignty

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

An economic system in which individuals and businesses make decisions about what to produce.

Market economy

Mixed economy

Communism

Command economy

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

There are four types of economic systems. Most economies are _____.

Traditional

Command

Market

Mixed

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

With which term is a command economic system MOST closely associated?

Entrepreneurship

Economic Freedom

Perfect competition

Governmental regulation

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