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WorksheetsEconomic Systems
Total questions: 35
Worksheet time: 35mins
Choices about the production and distribution of goods and services
Supply
Economics
Regulation
Capitalism
A political and economic system in which resources and the factors of production are owned by all of society.Everyone is on the same level and share everthing equally.
Capitalism
Socialism
Economics
Communism
The economic system of the United States is
Republic
Capitalism
Socialism
Communism
Someone that makes goods or provides services
Producer
Supply
Demand
Consumer
A political and economic system in which the government owns resources and the factors of production. The government equally distributes resources, so all people have what they need.
Capitalism
Socialism
Communism
Economics
Someone who purchases or uses goods or services
Supply
Demand
Producer
Consumer
Items that are taken out of a country or region to go to another area.
Import
Supply
Export
Demand
What is produced by producers in an economy.
Demand
Supply
Consumer
Producer
An economic system where resources and the factors of production are owned privately (not by the government). The market (supply and demand, competition) determines what is created.
Socialism
Communism
Economics
Capitalism
"French" term meaning "let the people do as they choose." No government interference in economic practices.
Laissez Faire
Supply
Demand
Regulation
To trade good or services
Supply
Barter
Consumer
Regulation
A law or rule used to monitor or control how something is done.
Laissez Faire
Consumer
Producer
Regulation
Items that are brought into a country or region from another area.
Import
Supply
Export
Demand
What is purchased or used by consumers in an economy.
Consumer
Demand
Producer
Supply
Items produced in an economy.
Regulation
Services
Demand
Goods
Resources need to create goods and services.
Economics
Factors of Production
Regulation
Laissez Faire
Action a person does for someone else.
Services
Goods
Supply
Demand
When there is more than is needed.
Scarcity
Surplus
Goods
Services
Not enough of a particular item.
Supply
Demand
Scarcity
Surplus
The price where the demand for a product or a service is equal to the supply of the product or service.
Sale Price
Regulation
Equilibrium Price
Average Price
The new IPhone just came out, demand is incredibly high right now. If demand increases, the price......
Will go down
Will go up
Stay the same
None of the above
Since the new IPhone came out the demand for the old ones is low. Less people now want the old phones. The demand has decreased, so the price will......
Will go up
Stay the same
Will go down
None of the above
You are a pumpkin farmer, it is fall and your pumpkins are ready to sell for Halloween. You realize you have a lot of pumpkins, more than you thought. Your supply of pumpkins has increased, so the price of your pumpkins will......
Will go down
Will go up
Stay the same
will trade them
You a pumpkin farmer, one night someone smashes a lot of your pumpkins. Your supply of pumpkins are now decreased. The price of your pumpkins.....
Will go down
Stay the same
Will go up
be free
In a command economy, who holds power of the economy?
The people
No one
The government
The traditions of your ancestors
________is another word for Market Economy.
Capitalism
Communism
Socialism
Traditional
Society will never be able to satisfy all wants and _________.
desires
hungers
needs
money problems
The four types of economic systems are:
Communism, Capitalism, Socialism, and Mixed.
Traditional, Combined, Mixed, and Capitalism.
Capitalism, Traditional, Mixed, and Socialism.
Traditional, Command, Market, and Mixed.
