Factors of Production and Economic Systems

Factors of Production and Economic Systems

11th Grade

30 Qs

quiz-placeholder

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Factors of Production and Economic Systems

Factors of Production and Economic Systems

Assessment

Quiz

Education

11th Grade

Hard

Created by

Charlotte Anderson

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system is the protection of private property rights essential?

Command

Traditional

Market

Socialism

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

Command

Socialism

Market

Traditional

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best explains a mixed economy?

Private ownership of the factors of production and regulation of businesses by government

Market exchanges answer all three of the big economic questions

Family customs and traditions determine what and how to produce a good

Government answers all three of the big economic questions

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Mixed

Market

Traditional

Command

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Place where buyers and sellers meet to exchange goods and services for money
Market
Factor of production
Money
Interdependent

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Traditional Economy based on?

Rules

Customs & Traditions

Supplies

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The four types of economic systems are: 
Traditional, Command, Mixed, & Market
Traditional, Command, Combined, & Market
Communism, Capitalism, Free Market, and Macroeconomics
Microeconomics, Macroeconomics, Individual, and Traditional.

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