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WorksheetsEconomic Systems
Total questions: 17
Worksheet time: 28mins
Ivan works in a government owned car factory because this was the job he was assigned. Every day he works hard to meet production goals set by his leaders. He his happy to do the work because he knows he is doing his part to keep his government strong and powerful.
In which type of economy does Ivan work?
Command
Market
Traditional
Mixed
In eastern Africa, the Maasai people have an economy based on raising cattle, goats, and sheep. They have lived this way for many generations. Maasai groups share grazing land and water and exchange livestock as a way to establish group bonds. This system allows the Maasai to take care of each other and focus on the needs of the children and the elderly.
What type of economic system best describes the one the Maasai use?
Command
Mixed
Traditional
Market
Steve started a technology company because he noticed people really like new technology. At first Steve decided to make cell phones. Then he noticed that man people were buying tablets as well. Steve realized he could make even more profit if he manufactured tablets and cell phones. Now Steve runs an even more profitable company. The government does NOT tell Steve what to do, and because of this he pays his employees as little as possible and does not have health care benefits.
What type of economic system does Steve participate in?
Traditional
Market
Mixed
Command
Abby was tired of working at a bank and decided to follow her love of baking. She got a loan and opened a cake shop that specializes in creating wedding cakes. Abby puts in long hours making amazing cakes, but she is happy because she is following her dream. Abby also has to make sure she is following government regulations about food safety. Abby has to wear gloves when working with food items and make sure foods that can spoil are always kept at cold temperatures. Abby joined a Bakers Association to help keep up with the rules around food service.
What kind of economy is being used in Abby's society?
Market
Traditional
Command
Mixed
Surplus is the amount left over after a goal is met.
True
False
Scarcity is:
the surplus of an item
the control of an item
the short supply of an item
Profit is a financial loss.
True
False
Supply and demand impact the __________ of an item or resource.
price
profit
surplus
scarcity
Gas station A sells gas for $2.75/gallon. Gas station B across the street sells gas for $2.74/gallon. The next day, Gas station A lowers its price to $2.74/gallon.
Which term describes why they did this?
innovation
supply and demand
opportunity cost
competition
Maria goes to the store and buys a new backpack.
Maria is a consumer
Maria is a producer
Maria is making a profit
Maria is owning a business
Tyler mows lawns and does other yard work for $10 an hour.
Tyler is limited by the government
Tyler is a consumer
Tyler is an innovation
Tyler is a producer
According to CNN, the United States receives 80% of its avocados from Mexico. Mexico receives most of its auto parts from the United States. This is an example of the following.
Imports & Exports
Supply and demand
Infrastructure
Globalization
Tyler mows lawns and does other yard work for $10 an hour.
Tyler is producing a good.
Tyler is providing a service.
