Economic Systems and Their Characteristics

Economic Systems and Their Characteristics

Assessment

Interactive Video

Social Studies

9th - 10th Grade

Hard

Created by

Patricia Brown

FREE Resource

The video discusses the concept of scarcity due to unlimited human wants and limited resources. It explains how societies organize their economies by addressing what to produce, how to produce, and who gets what. The video compares different economic systems, including socialism, capitalism, and mixed economies, using Canada as an example of a mixed economy. It highlights the role of public and private ownership and the implications of government involvement in the economy. The video concludes by emphasizing the importance of understanding these concepts to influence economic policies in a democracy.

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary reason societies need to organize their economies?

To ensure everyone has a job

To promote technological advancement

To manage the scarcity of resources

To increase government control

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which question is NOT one of the three key questions for organizing an economy?

How to produce?

Where to produce?

What to produce?

Who gets what?

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a potential downside of a government ensuring full employment?

Lower technological advancement

Decreased worker satisfaction

Increased production costs

Higher unemployment rates

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a right-wing economy, what is the level of government involvement?

Minimal

Moderate

None

High

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a left-wing economy ensure everyone has what they need?

By reducing taxes

By increasing private business operations

By having some control over the economy

By eliminating public services

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why might people take better care of private property compared to public property?

Private property is more valuable

People have a personal stake in private property

Public property is always messy

Government enforces stricter rules on private property

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a benefit of private property according to supporters?

It reduces personal responsibility

It encourages people to follow rules

It discourages economic growth

It leads to more government control

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