9 Economic sytems and their characteristics 17.2

An economic system is a way of organising the ___________ and distribution of goods and services.

What are the three economic questions that economic systems must answer?

• What to produce, where to produce & who to produce

• What to produce, how to produce & for whom to produce.

• Where to produce, how to produce & what time to produce

• What to produce, how many to produce & what quality to produce

The belief that goods and services should be owned privately is a ________economic system

• Marxist

• Productive

• Government

• Capitalist

This Capitalist economic system means that producers are motivated by the aim of making a profit for themselves.

• True

• False

In a socialist economic system, it is believed that that social ownership of resources is much fairer.

• True

• False

'social ownership' means that the government (referred to as 'the state' owns ______ of the resources on behalf of the _______.

• some, government

• all, people

• most, politicians

• none, workers

Greg lives in a community in rural Alaska where each community member grows enough food to survive rather than growing to make a profit and housing is very basic. This is an example of ________

• A capitalist economy

• A farmers market

• A subsistence economy