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WorksheetsEconomy Types
Total questions: 17
Worksheet time: 9mins
Which economy is family/agricultural based?
traditional
market
mixed
command
Which economy is privately owned so everyone can participate?
traditional
market
mixed
command
Which economy is government owned?
traditional
market
mixed
command
Which economy is a mix of all 3 other types?
traditional
market
mixed
command
All economies trade goods and services.
yes
no
A sum of the goods and services a country produced each year
supply & demand
Gross Domestic Product (GDP)
standard of living
A higher GDP means a country is producing more stuff than other countries
yes
no
A lower GDP means a country is not producing more stuff than other countries
no
yes
The level of wealth and material comfort people have compared to others
supply & demand
Gross Domestic Product (GDP)
standard of living
If the standard of living is higher, it means a country is more wealthy than others
no
yes
If the standard of living is lower, it means a country is more poor than others
yes
no
China and the US are the top producing countries in the world.
no
yes
A top US export is food.
no
yes
something a country sells to another country
import
export
something a country buys from another country
import
export
a top US import is oil
no
yes
Sometimes countries import the same things they export because it can be cheaper /better made.
yes
no
