Economic Systems

What is an economy? Fill in the blank: An economy is how people, businesses, and government choose to ________, ________, and ________ things.

• buy, sell, produce

• eat, sleep, play

• draw, paint, sculpt

• read, write, listen

What is the economic goal described as 'your ability to make your own decisions'?

• Freedom

• Security

• Growth

• Stability

Which economic goal is defined as 'get the most with the least amount of cost'?

• Efficiency

• Equity

• Stability

• Growth

Which economic goal refers to the 'fair and just distribution of wealth'?

• Equity

• Efficiency

• Growth

• Stability

Which economic goal involves 'production of better things, innovation and research making things better'?

• Growth

• Stability

• Equity

• Efficiency

Which economic goal is about providing less fortunate members with support in terms of food, shelter, and health care?

• Security

• Efficiency

• Growth

• Freedom

Which economic goal means that the goods and services we count on are there when we want or need them?

• Stability

• Growth

• Equity

• Efficiency

Which of the following is a type of economic system?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

• All of the above

Fill in the blank: A ________ is an economic system where traditions, customs, and beliefs help shape the goods and the services the economy produces.

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

Fill in the blank: A ________ is an economic system in which the government or central authority makes all economic decisions.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy