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WorksheetsEconomic Systems
Total questions: 12
Worksheet time: 8mins
Which of the following is not one of the fundamental economic questions?
What should be produced?
How should it be produced?
What price should it sell for?
Who should it be produced for?
This economic system is based on individual freedom.
Traditional
Command (Communism)
Free Market
This economic system is controlled by the government.
Traditional
Command (Communism)
Free Market
Today, most economies are:
Free Market
Traditional
Mixed
Command (Communism)
In which economic system is the protection of private property rights essential?
Command
Traditional
Market
Socialism
Communism can be best summed up as an economic system where
all resources are controlled by the elite and used to maintain their control of the people.
the elimination of private property is established.
the rich support the poor
the harder you work, the more benefits you receive.
True Communism, or Communism as it was described by Karl Marx, was only ever seen in
China
The Soviet Union
Vietnam
it has never been seen in any country
Socialism is the economic system where
individuals own all resources and use them for the good of the society.
the government regulates private property so that some social justice can be achieved.
resources are shared between the individuals and the government so critical goods and services like health care, police protection, education, and food can be equally distributed.
society meets and votes on how resources will used.
In a Free Market or Capitalist economy, producers are most concerned with
doing what is best for their fellow citizens
using resources so taht they will last throughout time
doing what is best for them individually
insuring that all workers are safe and well paid
In a Free Market or Capitalist economy, consumers buy products beacuse
it supports the economic system
to impress their fellow citizens
to improve the nations world image
because it is what they want and at a price they agree with
Capitalism relies on
government direction
self-interest
needs of society
love
