WorksheetsModule 5 Lesson 2 Review - Economic Systems
Total questions: 15
Worksheet time: 7mins
In which economic system is ALL property owned by individuals?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
In which economic system is ALL property owned by the government ("for the good of the country")?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
In which economic system is some property owned by the government and some is owned by individuals?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
A ______________ economy is guided primarily by custom, habit, and ritual.
Traditional
Planned/command
Mixed
Free Market
A _____________ economy is completely determined and controlled by a central planning authority or the government
Traditional
Planned/Command
Mixed
Free Market
A 100% free market without government involvement doesn't really exist in the modern world.
True
False
The vast majority of the world's economies are mixed - they are market based economies with some extent of government involvement.
True
False
Businesses known as _______________________ make finished products from raw materials.
manufacturing industries
retail industries
collective industries
supply and demand
In a _______________________, few limits are placed on business activities.
command economy
free enterprise system
traditional economy
dictatorship
Countries with less productive economies and a lower quality of life are known as ________________.
developed countries
developing countries
high end retail countries
leader countries
Which freedom does the free enterprise system promote?
the freedom of religion
the freedom of press
the freedom to bear arms
the freedom to own property
Capitalism
command
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
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
Pride
Wealth
Profits
Being an employer
What is a country’s gross domestic product?
a country’s level of industrial development
a country’s level of health care and education
the measure of literacy and life expectancy in a particular country
the value of all goods and services produced within a country in a single year
