EMS Grade 9

A system that determines how resources, factors of production are allocated and used in production to satisfy the needs and wants in a country,

• Economy

• Economic system

• Economic

• Planned economy

Is responsible for making all the economic decision

• Planned economy

• Market economy

• Mixed economy

• Economic system

In a market economy prices are determined by demand and supply

• True

• False

The economic decisions are made by both the government and private sector

• Market economy

• Planned economy

• Government

• Mixed economy

The four factors production are skilled workers , capital, natural resources, entrepreneurship

• True

• False

A flow of all goods and services in an economy

• Economic system

• Economy

• Circular flow

• Households

Are in charge of the factors of production

• Businesses

• Households

• Government

• Factor market

Provide public goods to households and businesses

• Factor market

• Businesses

• Households

• Government

In an opened economy trade does not take place

• True

• false

Increases a countries economic growth, investment, and job opportunities

• Circular flow

• Factors of production

• Globalisation

• Market economy