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Economic Systems

Authored by Jaime Kircher

Social Studies

5th Grade

Used 14+ times

Economic Systems
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9 questions

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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

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