Economical Systems Quiz

What is an economic system?

• A system that organizes resources, goods, and services

• A system that controls the freedom of citizens

• A system that relies on agriculture and farming

• A system that trades goods and services instead of using money

Which is the oldest economic system?

• Traditional

• Command

• Market

• Free Market

In a traditional economy, how do people trade goods and services?

• Using money

• Through bartering

• By selling them in markets

• By producing them themselves

In a command economy, who is in control of the resources?

• The farmers

• The citizens

• The businesses

• The government

In a market economy, who decides what goods and services will be produced?

• The government

• The citizens

• The businesses

• The farmers

What is an example of a positive economic incentive?

• Paying a late fee for returning a library book late

• Getting a 50% off deal

• Paying taxes

• Receiving a fine for littering

What is an example of a negative economic incentive?

• Paying taxes

• Getting a 50% off deal

• Paying a late fee for returning a library book late

• Receiving a fine for littering

In a free market system, who consumes and produces the products?

• The government

• The individuals

• The businesses

• The farmers

What is scarcity?

• Having enough of something

• Controlling the freedom of citizens

• Trading goods and services

• Not having enough of something

What does interdependence mean?

• Relying on other countries and communities for resources

• Specializing in growing plants

• Trading goods and services

• Controlling the freedom of citizens