Economic Systems and Decision Making

Economic Systems and Decision Making

Assessment

Interactive Video

Social Studies

6th - 8th Grade

Practice Problem

Hard

Created by

gloria pedraza

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of an economic system?

To establish political governance.

To organize the production of goods and services to meet needs and wants.

To promote cultural traditions.

To manage international trade agreements.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the three big economic questions that an economic system must answer?

What should we produce?

How should we produce it?

Who should we produce it for?

When should we produce it?

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In traditional economies, what primarily determines economic decisions?

Government regulations.

Market demand and supply.

Cultural traditions passed down through generations.

Technological innovations.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main focus of production in traditional economies?

Generating large surpluses for international trade.

Meeting the basic needs of the local community.

Developing new technologies and innovations.

Producing luxury goods for profit.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key strength of traditional economies regarding resource management?

They encourage rapid industrialization.

They are often very sustainable due to responsible resource management.

They prioritize global trade over local needs.

They quickly adopt modern innovations.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, who makes all economic decisions?

Individual consumers.

Private businesses.

The government.

Cultural leaders.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What guides the government's decisions on what to produce in a command economy?

Consumer preferences.

National priorities.

Historical traditions.

Profit maximization.

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