Economic Systems

Economic Systems

5th Grade

9 Qs

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Economic Systems

Economic Systems

Assessment

Quiz

Social Studies

5th Grade

Medium

Created by

Jaime Kircher

Used 14+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 

What goods and services will be produced?
What is the price of the goods? 
Who is responsible for producing goods and services?
How will goods and services be distributed to customers?

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The four types of economic systems are: 

Traditional, Command, Mixed, & Market
Traditional, Command, Combined, & Market
Communism, Capitalism, Free Market, and Macroeconomics
Microeconomics, Macroeconomics, Individual, and Traditional.

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A command economy is when the government is in control.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The method used to help make economic decisions.

economic system

developing

market

command

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this type of economy, the government makes the key decisions.

traditional

mixed

command

market

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This word means the study of how people meet their wants and needs.

economics

opportunity cost

resources

market

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this type of economy, individuals and businesses make their own economic decisions based on supply and demand.

market

command

mixed

traditional

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this type of economy, economic decisions are based on customs and habits. Wants and needs are usually satisfied through hunting and farming.

mixed

traditional

command

market

9.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Check the three questions that every economic system must answer.

When to produce?

How to produce?

For whom to produce?

What to produce?

Where to produce?