WorksheetsEconomic Systems
Total questions: 10
Worksheet time: 8mins
(a) is an economic system where generational customs and learned behaviors determine what is produced and for whom.
______ is an economic system that is heavily influenced by the law of ______.
Capitalism; Sustainable Development
Communism; Class Warfare
Capitalism; Supply & Demand
Socialism; Safety-Net Programs
Capitalism; Distribution
Country 2: “In my country, all key decisions are made by our central planners. They hold complete power over all politics and economics in our nation. Our government directly owns the land, natural resources, and factories for the good of the people.”
Which economic system is most likely being described in Country 2?
(a)
In a _________ economy, a government works with corporations to meet the basic needs of all citizens in order to _________.
Capitalist; maximize profits
Communist; eliminate social classes
Capitalist; ensure worker safety
Socialist; eliminate poverty
Socialist; create dependence on the government
Country 3: “In my nation, all people are free to produce whatever they wish and to consume whatever they can afford. People seek to make or sell goods and services so they can earn a profit.”
What economy is more than likely described in Country 3?
(a)
Select all that apply.
The features of a communist economy more than likely will include-
Private ownership of businesses
Government planning on all major decisions
Provide public services to meet basic needs
Equal wage distribution
Limited government intervention
Canada is often labeled as an example of (a) because of its high tax rate, social programs that are funded by the government, and universal health care plan.
In a ______ economy, the government will focus on equal wages in order to _________.
Communist; maximize profits
Communist; eliminate social classes
Socialist; provide health care
Socialist; allow some private ownership
Capitalist; provide a basic income
Select all that apply.
A traditional economy will more than likely feature-
Trade or exchange of handmade goods
Rising prices when demand is high
Public-funded health care and education
Small profits from surplus goods, if any
Equal Wage Distribution
The extreme rise in the price of the EpiPen is an example of what can happen in a (a) economy.
