WorksheetsTypes of Economies
Total questions: 24
Worksheet time: 12mins
The three questions such as What to produce, How to produce, and Whom to produce are to be considered in
All Economies
Market Economy
Planned Economy
Traditional Economy
The following resources such as Land, Labor, Capital, and Entrepreneurship are used in which economies
All economies
Market Economy
Planned Economy
Traditional Economy
What economy allows us to exchange voluntary and operates under games.
Market Economy
Planned Economy
Traditonal Economy
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If you bought your favorite pair of shoes and got complements from everyone at school this is an example of what type of game?
Positive Sum Game
Zero Sum Game
Negative Sum Game
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You and Tanner had been working on a group project. Tanner has done most of the work while you have been sitting back and eating chips every class session. You both get an A on the project. Although you didn't work you benefited from this experience. This is an example of?
Postive Sum Game
Zero Sum Game
Negative Sum Game
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Your dad works at toys r us. This company has not been making good money for the past three months. One day your dad comes into work and they told him he can leave. This is an example of what type of game
Positive Sum Game
Negative Sum Game
Zero Sum Game
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In making a purchase what do people have to consider in a market economy
rent, wages, and profits
will my peers like what i am buying
Nothing! Just make the purchase
Will my brother or sister let me make the purchase
In a market economy how many quantities of a product can be produced
Endless amount
Specified number. If I say 10 then its 10.
In a market economy which is considered the most important
Rent
Wages
Profits
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Bill is starting to open a business called Bill n' B. Once opening his business Bill decides that he is going to produce diet water. He is Not going to consider consumers in this process of deciding what to produce. Bill not considering his customers is an example of?
Capitalistic Society
Economic Freedom
Consumer Sovereignty
Claire opens up a music store in her hometown. Right away before she starts producing anything she wants to know what her customers would like to be produced. Claire being open minded and allowing consumers to dedicate what to be produced is an example of
Consumer Sovereignty
Capitalistic Society
Economic freedom
What indicates the different quantities people intend to purchase at different prices per unit of time.
Demand
Supply
Increase in Demand
Decrease in Demand
What Is a schedule that indicates the different quantities that sellers intend to produce and sell at different prices per unit of time other things held constant.
Supply
Demand
Decrease in Demand
Increase in Demand
You always purchase Oreo's at your store for 3.00. You return to the cookie aisle a month later and notice that the Oreo's have went up to 8.00. You are outraged and refuse to buy this item. You decide to purchase great value brand that are a $1.00. What is this an example of?
Decrease in demand. The price of a good change leading to no one wanting the product anymore.
Increase in demand. There is something about the good you like where you just want to buy it!
Demand
Supply
You always buy a video game when your parents take you to Walmart. You make an income and earn money by mowing people's yards during your free time however, you have not been asked that much this month. You look in your wallet and discover you have a $16 dollars. The game you are wanting is $60. You forget about it and leave the store with no game. This is an example of?
Decrease in Demand. Your income decreased therefore you may want the product but, can't afford to buy it.
Increase in Demand. there is something about the good you like where you just want to buy it!
Supply
Demand
Back in 2005 Mr. Bradley would drink Nesquik Chocolate milk. In 2010 however, Mr. Bradley noticed that the taste was not original as it was before. He now buys purity chocolate milk this is an example of?
Demand Decreased. Taste played a huge role as due to the change the product was less demanded now
Demand Increased. The taste is so original and authentic to this day. How could I buy another chocolate milk
Demand
Supply
If the price of a substitute increases while holding everything constant the demand curve will shift to the right. This is
Increase in Demand
Decrease in Demand
Demand
Supply
What economy is known as a ruling oligarchy where a small group of people come together and decides at what quantities will be produced
Planned Economy
Market Economy
Traditional
Which of the following are used for war-goods in a planned economy
Land
Labor
Capital
entrepreneurship
Who actually operated under a planned economy and solved an issue in shortages by introducing individual plots of land, state farming, and collective taxes
Joseph Stalin
James Harrod
Daniel Boone
Virginia Wiley
The negatives to planned economies are
Shortages of consumer goods
lack of new ideas
goods were in poor quality
no competition
What economy was known as a tribal economy where you produced what your family produced per unit of time based on the weather.
Traditional economy
Planned economy
Market economy
In a traditional Economy how would you produce a good
the same way your parents did
in your own style
how your friends did it
how entrepreneurs did it
In a traditional economy who would be the first person receiving the good in question
Father
Children
Mother
