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WorksheetsEconomic System
Total questions: 40
Worksheet time: 1hrs 20mins
In a communist society...
the government controls the means of production
the individual owns the means of production
wealth is distributed evenly amongst society
there is no wealth or private property
Which is not an economic system?
Capitalism
Mutualism
Communism
Socialism
Which economic system promotes competition?
Communism
Capitalism
Socialism
Socialism distributes goods to each individual's needs.
True
False
The economic system of communist countries is most closely related to which of the following:
Command
Market
Traditional
Mixed
Which of the following is NOT one of the basic questions that all economic systems must answer:
What to produce
When to produce
How much to produce
For whom to produce
In a command economy, economic decisions are made by the
Consumers
market
government
producers
Who owns the resources in a command economy?
the government
no one
individuals
private business
How are goods and services exchanged in a traditional economy?
through prices and wages
through government regulation
through bartering
through shortages and surpluses
Which of the following BEST describes a market system?
The government provides services, such as telephones and television.
A person can start any legal business and charge any price.
The government provides food and housing to all workers.
Businesses are owned by the government.
This is an economic system where people follow the occupation of their ancestors:
Command
Market
Mixed
Traditional
A market economy is very different from a command economic system or a traditional system. Which of the following is found in a market economy?
Free labor
Competition between businesses
Government control of industry
Government control of agriculture
An economic system that allows individuals to start businesses, but still has government regulations is
Traditional
Market
Command
Mixed
An economic system in which individuals and businesses make decisions about what to produce.
Market economy
Mixed economy
Communism
Command economy
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
Which of the following is NOT one of the questions that ALL economic systems answer?
What will we produce?
How will we produce it?
For whom will it be produced?
When does production start?
In which economic system do children already know what they'll be when they grow up because they will be trained to do what their parents and grandparents have done?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
In which economic system is there virtually no unemployment because the government will definitely give everyone a job to do?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
In which economic system do people buy and sell goods and services with NO interference from the government?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
