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Economic Systems

Total questions: 20

Worksheet time: 25mins

Name
Class
Date
1.

An economic system in which individuals and businesses make decisions about what to produce.

a)

Market economy

b)

Mixed economy

c)

Communism

d)

Command economy

2.
What are capital resources?
a)
things from nature used to produce goods
b)
the machines, tools, and buildings used to produce goods
c)
the people used to produce goods
3.

There are four types of economic systems. Most economies are _____.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

4.
Which provides the greatest incentive for entrepreneurs to take risks?
a)
prices
b)
inflation
c)
profits
d)
interest
5.

With which term is a command economic system MOST closely associated?

a)

Entrepreneurship

b)

Economic Freedom

c)

Perfect competition

d)

Governmental regulation

6.

Oil, natural gas, and coal

a)

human resources

b)

natural resources

c)

entrepreneurship

d)

capital resources

7.

Competition and profit motive are important characteristics of a:

a)

command economy

b)

traditional economy

c)

market economy

d)

socialist economy

8.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
9.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
10.
A person who comes up with a product or service, and finds the money and time to produce this new product.
a)
Entrepreneur
b)
Incentive
c)
Specialization
d)
Barter
11.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 
a)
Traditional 
b)
Market 
c)
Command 
d)
Mixed
12.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)
Market
d)
Command
13.
I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 
a)
Traditional 
b)
Command 
c)
Market
d)
Mixed
14.

A _________ economy is a market-based system in which the government is involved to some extent.

a)

Traditional

b)

Planned/command

c)

Mixed

d)

Free Market

15.
Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
a)
Free Market
b)
Traditional
c)
Mixed
d)
Command
16.
Mary Ann runs a car dealership selling only government produced cars.  At the end of the month Mary Ann must give all of the money she made back to the government.
a)
Traditional 
b)
Free Market
c)
Mixed
d)
Command
17.
Nike and Under Armour sell similar products.  This leads to a decrease in price and an increase in quality.
a)
Free Market
b)
Command
c)
Traditional
18.
Who or what answers the basic economic questions in a mixed economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
19.
Who or what answers the basic economic questions in a command economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
20.
Who or what answers the basic economic questions in a free market economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government

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