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WorksheetsEconomic Systems in the World
Total questions: 10
Worksheet time: 5mins
An economic system is..
a way of organizing the production and consumption of goods and services.
a way to decided how money moves around in a nation.
buying and selling of goods.
food, clothing and shelter.
The 3 fundamental questions of economics are
Who should produce, what to produce and when to produce?
Why to produce, What resources to use and Who to trade with?
What to produce, How to produce and who gets what?
Who gets land, how much to pay and when to pay?
Your education is a type of what?
Land
Labor
Capital
Resource
What decides the 3 questions in a traditional economy?
supply and demand
customs and traditions
the amount of livestock
equality
Which people group has a traditional economy?
Maasai
Swiss
French
Vietnamese
Who answers the 3 questions in a Market economy?
government
producers and consumers
customs and traditions
moral values
What is a disadvantage of market economies?
growth
efficiency
instability
marketing
In a command economy, who decides the 3 questions?
government
producers and consumers
customs and traditions
market forces
What is NOT a characteristic of a command economy?
Little unemployment
Public ownership of the means of production
Lower standards of living
Frequent economic recessions
What is a core problem with command economies?
everyone has a share in the wealth
market has stability
govt officials are chosen from key families
planners are less efficient at making economic decisions
