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Studies Weekly, Week 7: Economic Systems

Authored by Chelsea Semenic

Social Studies

5th Grade

Used 11+ times

Studies Weekly, Week 7: Economic Systems
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19 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Creating a _____________ is crucial for a free market economy's success.

Economic incentive

Price system

capitalism

private property

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______________ means businesses focus on creating certain types of products or providing specific services.

specialization

economic incentive

private property

market economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_____________ between producers lowers product prices and creates more options for consumers.

command economy

traditional economy

competition

specialization

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_________________ is the first fundamental component in a free market system. It influences everyone to care for the things we own.

Private property

capitalism

Command economy

competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

___________________ is an economic system where businesses are owned by private companies or people.

Traditional Economy

Market Economy

Command Economy

Capitalism

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a ______________ the government does not have direct control of resources.

Traditional Economy

Command Economy

Market Economy

Economic Incentive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An __________________ is something that is offered to people to help them make a decision about goods and services.

Price system

competition

economic incentive

market economy

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