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Worksheets

Economic Systems

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

Defintion of GAAP (Generally Accepted Accounting Principles)

a)

A set of international guidelines and procedures governing accounting practices

b)

To buy or obtain

c)

A set of guidelines and procedures governing accounting practices

d)

Unchanging

2.

Definition of Financial Information

a)

Knowledge and facts in useful form

b)

An estimate of income and expenditures over a certain period of time

c)

Information

d)

Ability to yield a financial gain

3.

What are economic resources

a)

Cows, sheep, pigs

b)

Technology, financial resources

c)

Labor, management

4.

Which is an example of a traditional economy

a)

Amazon Rainforest

communities

b)

Leesburg

c)

China

d)

Russian communities

5.

What is an economic system

a)

The way in which a country makes

its earning and spending decisions

b)

Why a country spends money

c)

What the country makes

6.

Elements of

All Economic Systems

a)

Resources

b)

Distributors

c)

Trees

7.

Why Are Economic

Systems Needed?

a)

Our wants are unlimited, but

our resources are not.

b)

You do not need an economic system

8.

Which is a type of

Economic Systems

a)

China

b)

Market

c)

United States

9.

Example

of Communism

a)

Soviet Union

b)

Afghanistan

c)

United States

10.

Example of Socialism

a)

Sweden

b)

Russia

c)

United States

11.

Example of Market Economies

a)

Japan

b)

Russia

c)

Canada

12.

Basic

Economic Question

a)

Will my business end?

b)

What will be produced?

c)

Could I die?

13.

More basic

Economic Questions

a)

What products will be produced?

b)

Why will products be produced?

c)

How will products be produced?

14.

What is a problem with communist economies?

a)

More economic development

than in market economies

b)

HIgher quality consumer goods

c)

Less economic development

than in market economies

15.

Problems With

Socialist Economies

a)

Higher taxes

b)

More efficient production

c)

Wages based on employees skill

16.

Problems With

Market Economies

a)

No competition

b)

Equal incomes

c)

Financial and/or legal risk

17.

Why Are Economic

Systems Needed?

a)

They aren't

b)

To manage wants and resources

18.

Example of a capital resource

a)

Timber

b)

Saw

c)

Hamburger

19.

Example of human resources

a)

Retailer selling property

b)

Coffee mugs

c)

Hamburgers

20.

Example of natural examples

a)

Coffee mugs

b)

Timber

c)

Hamburgers