GFL Strand 1, Standard 2: Economic Systems

Which economic system is based on private ownership and free trade?

• Communism, where the government owns everything.

• Socialism, where resources are shared equally.

• Capitalism, where individuals own businesses and property.

• Fascism, where the government tightly controls the economy.

What is a key feature of a command economy?

• Businesses decide everything on their own.

• The government controls production and distribution.

• Prices are set by supply and demand.

• Individuals own all property and businesses.

Which economic system protects property rights the most?

• Communism, where property is shared by everyone.

• Market economy, where people have strong property rights.

• Mixed economy, with some government-owned property.

• Traditional economy, based on customs and traditions.

What does laissez-faire economics mean?

• The government manages businesses to keep things fair.

• Reducing inequality by controlling big industries.

• Letting businesses operate with little government interference.

• The government owning all large companies.

Which system focuses on shared ownership of resources?

• Socialism, where wealth and resources are shared equally.

• Capitalism, where individuals own resources for profit.

• Fascism, where the government owns and controls key industries.

• Mixed economy, combining public and private ownership.

What is a mixed economic system?

• North Korea, with a government-run economy.

• The United States, mixing private business and government roles.

• Cuba, where the government decides everything.

• Tribal economies, which rely on tradition and customs.

Which system values equality more than efficiency?

• Market economy, focused on profits.

• Command economy, redistributing resources fairly.

• Mixed economy, balancing public and private control.

• Traditional economy, based on past practices.

What is a basic idea of capitalism?

• Government decides prices and production.

• Protecting private ownership of property.

• The government owns big businesses.

• Sharing resources equally among everyone.

Which system relies on customs and traditions to decide what to produce?

• Command economy, where the government decides everything.

• Market economy, where supply and demand rule.

• Traditional economy, based on habits and history.

• Mixed economy, combining government and market systems.

What sets prices in a market economy?

• The government sets all prices.

• Supply and demand determine prices.

• Businesses agree on fixed prices.

• People use traditions to decide prices.