5th grade Economics Test

Define economy. (general definition)

• a system for allocating (distributing) resources to meet people's needs and wants

• money that is earned from a job

• a combination of free and command economies

• a system of checks and balances

In this type of economy, you do the same job that your parents do. There is bartering.

• Command

• Traditional

• Mixed

• Market/Free

There is little to no government control in this economic type.

• Mixed

• Command

• Market/Free

• Traditional

The government controls everything and owns most of the businesses in this type of economy.

• Free/Market

• Mixed

• Traditional

• Command

This is the economic type of the United States. The government owns some businesses while others are owned by the people.

• Traditional

• Mixed

• Command

• Free/Market

What does a good economy look like? Select MULTIPLE answers!

• the overall economy is growing

• people are NOT working

• people have good paying jobs

• businesses are making money

When would a bad economy happen?

• when there are lots of jobs

• when businesses are making a profit

• during a pandemic (like COVID 19)

• when the economy is thriving

What is BARTERING?

What is a free economy based on?

• Checks and balances

• Supply and Demand

• Importing and Exporting

• Buying and Selling

What kind of government control/intervention is there in a free economy?

• A lot

• Varies

• Little to none

• None of these