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Worksheetseconomic systems
Total questions: 10
Worksheet time: 13mins
What is an economic system?
The study of the production of goods and services.
The way a society organizes the production, distribution and consumption of goods and services.
The resources and processes involved in the production, distribution and consumption of goods and services.
The idea that land, labour and capital limit the supply of what people want and need.
What defines a planned economy?
Resources are publicly owned, and government makes decisions on how to use resources.
Some resources are publicly owned and some resources are privately owned.
Individuals make decisions on how to use resources.
Individual consumers and government influence economic decision making.
Which characteristic describes Canada's mixed economy?
Individual consumers drive economic decision making by choosing what to buy.
Government makes decisions on how to use resources.
Individuals and government both make decisions about what to produce.
Resources are privately owned.
An example of a shift right for Canada's economy would be to...
Create a publicly funded health care system.
Privatize government-owned corporations (crown corporations).
Allocate government spending towards senior citizen pensions.
Government create an oil and gas company to promote economic development.
Which characteristics describe the U.S. economy?
The public good and cooperation.
Government makes all the decisions about how to solve scarcity.
private businesses own some resources and the government owns others.
The public good and individualism.
What is an example of a shift left for the American economy?
Reduced government spending.
Establishing the North American Free Trade Agreement.
Funds to support farmers.
The creation of crown corporations.
Anyone who makes or grows a good or performs a service.
Barter
Consumer
Producer
Profit
