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WorksheetsEconomic Systems
Total questions: 15
Worksheet time: 26mins
Organize these features into the correct economic system.
Products are distributed according to who can afford to pay the highest price.
Firms choose according to what customers are willing to pay for.
Firms will try and minimise production costs and maximise profits.
Government decides what goods and services should be produced.
The government distributes goods and services, sometimes equally or maybe according to need.
Government decides and makes decisions based on factors other than cost.
Both the government and firms choose how to allocate resources.
Some products are sold for money in the market whilst the government distributes others.
Products are produced by private firms and by the government.
Which economic system is controlled entirely by government decision making?
(a)
A market economy is controlled exclusively by the government,
True
False
Which of the following is a characteristic of a market economy?
Government ownership of resources
Private ownership of resources
Centralized decision-making
Fixed prices set by the government
In a market economy, prices are determined by:
The government
Supply and demand
International organizations
Large corporations
Which of the following best describes a market economy?
An economy where the government makes all economic decisions
An economy where economic decisions are made by individuals and businesses
An economy where resources are distributed equally by the government
An economy where there is no competition
What is a key feature of a command economy?
Private ownership of businesses
Government control of all major sectors
Free market competition
Decentralized decision-making
Which economic system is characterized by the absence of government intervention?
Mixed economy
Command economy
Traditional economy
Market economy
In which type of economic system are resources allocated based on customs and traditions?
Market economy
Command economy
Mixed economy
Traditional economy
Which of the following is not one of the fundamental economic questions?
What should be produced?
How should it be produced?
What price should it sell for?
Who should it be produced for?
In a Free Market or Capitalist economy, producers are most concerned with
doing what is best for their fellow citizens
using resources so taht they will last throughout time
doing what is best for them individually
insuring that all workers are safe and well paid
Planned
