Types of Economies

Read each statement about the different economy types. Write T for True or F for False in the blank. Free Enterprise (Free Market / Capitalism) Businesses are owned by the government.

• True

• False

Read each statement about the different economy types. Write T for True or F for False in the blank. Free Enterprise (Free Market / Capitalism) People decide what to buy, sell, and produce.

• True

• False

Read each statement about the different economy types. Write T for True or F for False in the blank. Free Enterprise (Free Market / Capitalism) Prices are set by supply and demand.

• True

• False

Read each statement about the different economy types. Write T for True or F for False in the blank. Free Enterprise (Free Market / Capitalism) Competition encourages innovation and lower prices.

• True

• False

Read each statement about the different economy types. Write T for True or F for False in the blank. Free Enterprise (Free Market / Capitalism) There is very little economic freedom.

• True

• False

Read each statement about the different economy types. Write T for True or F for False in the blank. Socialist Economy The government owns every business and factory.

• True

• False

Read each statement about the different economy types. Write T for True or F for False in the blank. Socialist Economy There is a mix of government and private ownership.

• True

• False

Read each statement about the different economy types. Write T for True or F for False in the blank. Socialist Economy The government controls some major industries like healthcare or energy.

• True

• False

Read each statement about the different economy types. Write T for True or F for False in the blank. Socialist Economy Individuals can still own small businesses.

• True

• False

Read each statement about the different economy types. Write T for True or F for False in the blank. Socialist Economy The goal is to reduce inequality by sharing resources more fairly.

• True

• False