WorksheetsCE11b - Economic Systems
Total questions: 10
Worksheet time: 5mins
Different countries have different economic systems. We are going to talk about ___ economic systems.
one
two
three
four
Basic question of economics is what, how and for whom will goods and services be....
consumed
produced
allocated (spread out)
all of the above
One economic system deals with people performing the same type of work as their parents and grandparents. This is a _____ economy.
free market
traditional
command
mixed
In this economy, the govt is boss in the private sector and the govt is also dominant in the public sector.
traditional
free market
mixed
command
This nation's economy is a Command economy.
Britain
Chad
North Korea
Brazil
In a Command economy, all economic decisions are centrally planned. Centrally planned equals the ____.
consumer
individual
govt
wealthy
In this economy, the govt is dominant in the public sector while individuals and businesses control the private sector.
Command
Traditional
Mixed
Free Market
A pure Free Market economy has all the following elements EXCEPT:
lack of consumer choice
competition
the profit motive
private ownership of property/resources
There is more govt involvement in a ___ and less in a ____ economy
mixed; command
command; free market
traditional; free market
free market; traditional
Because the govt is involved in our economy at the public level, yet individuals have the ability to start their own businesses in the private sector, the US is more of a:
mixed economy
command economy
free market economy
traditional economy
