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WorksheetsTypes of Economies
Total questions: 30
Worksheet time: 16mins
True or False - To obtain the things you want and need, you use both natural and human resources.
(a)
Which of the following are all factors of production?
land, labor, and gross domestic product
labor, service industries, and capital
land, labor, and capital
capital, service industries, and labor
In which type of economy are all the means of production privately owned?
traditional economy
command economy
mixed economy
market economy
In which type of economic system are resources distributed mainly through families?
traditional economy
market economy
command economy
mixed economy
A _____ is also referred to as capitalism.
traditional economy
market economy
command economy
mixed economy
In which type of economy are the production and distribution of resources controlled by the government?
traditional economy
market economy
command economy
mixed economy
What type of economic system does the United States have?
traditional economy
market economy
command economy
mixed economy
True or False: The United States has a command economy
(a)
What is a characteristic of a market economy?
lack of choice
some individual choice
competition
central ownership of property
Which type of economy involves trading, and doesn't usually use money?
Command
Traditional
Market
Mixed
Individuals own all resources and determine what and how to produce without outside interference.
traditional
command
market
mixed
Individuals own most factors of production and determine what and how to produce with some regulation.
traditional
command
market
mixed
The government regulates certain industries, but not all.
traditional
command
market
mixed
What type of economy does the United States have?
Traditional
Command
Market
Mixed
Which type of economy is run by the businesses & business owners?
Command
Mixed
Communist
Market
