Free Printable Market Economies

Worksheets

Market Economies

Total questions: 24

Worksheet time: 16mins

Name

Class

Date

An individual's right to own a business, select a market to enter, and produce with limited government direction is called private enterprise.

True

False

Your right to private property means that you can own, use, and dispose of things of value.

True

False

The government owns the businesses and controls the economy in a

market economy

command economy

laissez-faire economy

traditional economy

Another term for capitalism is:

free enterprise

profit

private property

command economy

Market economies are generally found in countries that have a _____for of government.

democratic

communist

socialist

patriarchal

The desire to work hard, to be creative, and to satisfy customers in order to earn a profit is called

competition

supply and demand

capitalism

the profit motive

In a(n) __________ economy, businesses and individuals are free to make their own decisions as they buy and sell in the marketplace.

market economy

command economy

laissez-faire

traditional economy

__________ means that economic resources are privately owned by individuals rather than by the government.

Socialism

Competition

Profit motive

Capitalism

The rivalry among businesses to sell their products and services to customers is called

Competition

Capitalism

Profit motive

Private enterprise

10.

This economy would most likely have a dictator.

Mixed

Capitalism

Socialism

Communism

11.

The government or groups of workers might control these resources but the profits are divided among the people.

Capitalism

Communism

Socialism

Mixed Economy

12.

In a socialist economy, the wealth is distributed evenly among citizens.

True

False

13.

This economic system is based on competition, profits, and self-interest.

Socialism

Communism

Capitalism

14.

In a "pure" communist society, who are the wealthiest and most powerful people?

Intellectuals

Business leaders

Military leaders

No One--every member of society is supposed to be equal

15.

In a Communist country, workers have no ________ to work harder.

Time

Help

Ability

Incentive

16.

Which is a communist belief?

Economic system with individuals having private ownership of money/production.

A government of the people, by the people, for the people.

Economic equality through elimination of private property.

17.

What do Socialists mean by the term "co-operation"?

A business, banking and supermarket chain run on Socialist principles

Human beings naturally prefer to co-operate with, rather than work against, each other

Human beings should avoid working together, and take a more individualist approach to life

18.

Which is an economic performance indicator?

HDI

GDP

DPG

Dollars

19.

The physical foundation created for the benefit of a country’s citizens, such as roads, buildings, and waterworks

Infrastructure

Standard of Living

GDP

Public Sector

20.

Usually, the companies in the____________ are oriented toward meeting public needs rather than making a profit.

private sector

public sector

21.

Who developed laissez-faire economics as a en economic philosophy?

Adam Smith

Karl Marx

John Locke

Louis XVI

22.

Laissez-faire means...

natural rights

iron law of wages

let it happen

tabula rasa

23.

money borrowed with a promise to pay it back later with interest

capital

profit

credit

24.

a person who owns and runs a business

corporation

entrepreneur

human capital

labor union

Reset

Market Economies

Total questions: 24

Worksheet time: 16mins

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