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WorksheetsEconomic Systems Review
Total questions: 10
Worksheet time: 5mins
In which economic system is the protection of private property rights essential?
Command
Traditional
Market
Socialism
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Socialism
Market
Traditional
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.
Mixed
Market
Traditional
Command
Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?
capital
entrepreneur
land
labor
