Economic Systems Quiz

Free markets are characteristics of which type of economic system?

• Capitalism

• Socialism

• Communism

What determines prices in a free market?

• Government Regulation

• Law of Supply & Demand

• Monopoly Control

What is an important characteristic of free markets?

• All Options

• Innovation - Efficiency - Competition

• Government Control

Choose which economic system is described. Write its abbreviation on the line. People sell their crops in village markets for items they need.

• TR (Traditional)

• CM (Command)

• FM (Free Market)

• MX (Mixed)

Choose which economic system is described. Write its abbreviation on the line. Prices are determined entirely by producers & consumers.

• TR (Traditional)

• CM (Command)

• FM (Free Market)

• MX (Mixed)

Write each term from the word bank on the line next to its definition. A type of economy where people rely on the land.

• Agricultural

• Industrial

• Technological

• Service-based

Write each term from the word bank on the line next to its definition. The amount of goods available for sale.

• Scarcity

• Demand

• Supply

• Consumption

Type of economy where people live off the land

• Traditional

• Market

• Command

• Mixed

Type of industry with mining and ranching

• Agricultural

• Manufacturing

• Service

• Extractive

Structures used by societies to meet the people’s needs

• Economic Systems

• Political Systems

• Cultural Norms

• Technological Innovations