What is the primary reason for the existence of different economic systems?

Exploring Economic Systems: Costs and Benefits

Interactive Video
•

Emma Peterson
•
Social Studies
•
6th - 10th Grade
•
Hard
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Political ideologies
Scarcity of resources
Technological advancements
Cultural diversity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a traditional economy, how are goods and services typically acquired?
Via online marketplaces
By government allocation
Through bartering
Using money
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a strength of a traditional economy?
Strong communal ties
Rapid technological innovation
High standard of living
Flexible job roles
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who makes the economic decisions in a command economy?
Businesses
Individual consumers
Local communities
Central government
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a significant weakness of a command economy?
High levels of innovation
Lack of incentives for hard work
Strong property rights
Wide variety of goods and services
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a market-based economy, what determines the production of goods and services?
Environmental factors
Government policies
Cultural traditions
Consumer demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a strength of a market-based economy?
Ability to adjust to consumer needs
Limited variety of goods
High level of government control
Fixed job roles
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a major disadvantage of a market-based economy?
Limited consumer choice
High levels of unemployment and poverty
Government interference
Lack of competition
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a mixed economy?
An economy based solely on traditions
An economy controlled entirely by the government
An economy that combines elements of command and market systems
An economy with no government intervention
10.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a mixed economy, who decides what to produce?
Only the government
Only businesses
Both businesses and the government
Local communities
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