WorksheetsWorld Economic Systems
Total questions: 20
Worksheet time: 14mins
Which of these is NOT an economic system?
Traditional
Free Enterprise
Communist
Dictatorship
Custom and tradition determine what should be produced, how it should be produced, and for whom in a __________ economy
Communist
Socialist
Traditional
Free Enterprise
What is a Traditional Economy?
Highly controlled by the government and the people have no say so
Mildly controlled by the government and allows private ownership of businesses
Not controlled by the government and is passed down from generation to generation
Not controlled by the government but has an interaction between consumers and producers
T or F. Goods and services are produced to meet the needs of the members of the family or tribe when it comes to a traditional economy.
True
False
In a Traditional Economy what are the two major productions?
Commercial Agriculture/Commercial Industries
Subsistence Agriculture/Cottage Industries
Supply/Demand
What is a Free Enterprise system?
The interaction between consumers and producers
All decisions of production and distribution are made by the Government
Customs and beliefs are handed down from generations to another
Private ownership of businesses
T or F. The interaction of supply and demand determines prices in a free market economy. When demand is high, the price goes up. If the supply is high but demand is low, the price goes down.
True
False
In a Free Enterprise system what are the two major production methods?
Subsistence Agriculture/Cottage Industries
Commercial Agriculture/Commercial Industries
Supply/Demand
In a __________ people are free to take part in any business, buy any product, or sell any legal product.
Private Property
Profit Motive
Free Enterprise
Supply & Demand
In the U.S are we more consumers or producers in a Free Enterprise System?
Consumers
Producers
In a Socialist Economy who answers the 3 Big Questions?
The People
The Government
The Next Door Neighbor
What is a Socialist Economy?
The Government takes over everything and the citizens have no say in anything?
The People are in charge of everything and the Government has no say so.
The Government plays an important role however, they allow citizens to own small private business.
The People only produce for their families.
In Socialism, the role of government...
Should use its power to raise poverty by lacking control
Has no say so in anything
Should use its power to bring an end to poverty by taking control of the major resources of the nation
In a socialism system the most important businesses that are producing goods are owned by the ____________ rather than by the ____________.
individuals/government
government/individuals
In a Communism System the government...
Plays a short role
Has no role at all
Owns it all
Owns half of the product
T or F. Communism is an economic system in which all important economic decisions are made by government leaders.
False
True
Which one of the 6 governments does Communism fall under?
Democracy
Dictatorship
Theocracy
Republic
Which one of these Darth Vader's represents the government for Traditionalism?
Which one of these Darth Vader's represents the government for Communism?
What type of economic system does America have?
Traditional
Free Enterprise
Socialist
Communist
