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5.1 ECON Economic Systems

Authored by caroline hurst

History

9th - 12th Grade

Used 3+ times

5.1 ECON Economic Systems
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Name any of the two questions we have to answer while evaluating economic systems?

When will the goods and services be produced?

Who owns property? What are the strengths and weaknesses?

Where will the goods and services be produced?
How will the goods and services be produced? and For whom will the goods and services be produced?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Name all six of the economic systems discussed in class.

feudal
anarchist

Traditional , Agrarian , Market , Capitalism , Command , Socialism

oligarchic

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Who makes economic decisions in "Traditional economies"?

The tribal leaders or the council .

Government officials
Religious leaders
Customs, traditions, and beliefs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the “neolithic revolution”?

Transition from settled agriculture to nomadic hunting and gathering
Introduction of the printing press
Discovery of electricity

The neolithic revolution was the transition to agriculture/ agrarian economy. 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Who makes economic decisions in "Market Economies"?

The consumers .

Government and corporations
Non-profit organizations
Foreign entities

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Name two strengths of "capitalism".

Stagnation and inequality
Corruption and inefficiency

Incentive to work , freedom to choose profession and production . 

Innovation and competition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Name two weaknesses of "capitalism".

Worker empowerment

Monopolies , illegal production practices . 

Income inequality and exploitation of labor
Fair distribution of wealth

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