NEW
Font size
WorksheetsEconomic System
Total questions: 50
Worksheet time: 39mins
What economy is made up of customs, beliefs, religion (farming, ways of the past, ancestors, etc)?
traditional
market
comman
mixed
In what type of economy does the government have control of everything?
traditional
market
command
mixed
What type of econonmy is based on supply and demand? Businesses/private citizens have control over what they sell/buy and who they sell to.
traditional
market
command
mixed
All democratic countries have this type of economy. Hint: USA has this type of economy.
traditional
market
command
mixed
All democratic countries have this type of economy. Hint: USA has this type of economy.
traditional
market
command
mixed
Fidel Castro, former leader of Cuba, had control over all of the businesses in Cuba. Communiest countries like Cuba have this type of economy?
traditional
market
command
mixed
A group of people that pass down traditions and are hunters and gatherers have what type of economy?
traditional
market
command
mixed
In a command economy, who has the most control?
business owners
Indian Chief
government
people
A market economy is good to have because the government has total control.
True
False
A market economy is good to have because the government has total control.
True
False
A community that barters for goods and services instead of using money is what kind of economy?
market
command
traditional
mixed
Free market or free enterprise are terms used to describe which economic system?
traditional
market
command
mixed
An economic system must answer 3 basic questions...
what language to speak, who the leader will be, where the building will be located
what to produce, how to produce, for whom to produce
To trade without using money is
censoring
governing
bartering
illegal
How much of a good people want
demand
resource
supply
natural resource
People who follow their customs and make things the way their ancestors did usually have this type of economy.
traditional
market
command
mixed
In a command economy, people have a lot of choices of what they can buy.
True
False
An economic system in which individuals and businesses make decisions about what to produce.
Market economy
Mixed economy
Communism
Command economy
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
With which term is a command economic system MOST closely associated?
Entrepreneurship
Economic Freedom
Perfect competition
Governmental regulation
Oil, natural gas, and coal
human resources
natural resources
entrepreneurship
capital resources
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
In my country, central planners decide when we should expand old factories and build new ones.
Traditional
Command
Market
Mixed
In my country my job is the same one that my family has done over the past 200 years.
Traditional
Command
Market
Mixed
If the government makes me produce 70 T-Shirts, what economic system is this?
Mixed
Traditional
Command
Market
If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?
Mixed
Market
Traditional
Command
Most democratic countries today have which economic system?
Traditional
Market
Command
Mixed
An economic system that allows individuals to start businesses, but still has government regulations is
Traditional
Market
Command
Mixed
In a market economy, what most strongly affects the price and quality of goods and services?
tariffs
competition as well as supply and demand
trade barriers
government control
Which of the following would reflect a country with a mixed economy?
Prices and wages are completely regulated by a country’s government.
A combination of privately-owned industry and government control.
A country’s distribution of resources is based on inheritance.
Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.
Native Americans used to barter for goods. They did not use currency. Economic decisions were based on customs. What economic system would an indigenous group like the Native Americans most likely have?
market economy
free enterprise economy
traditional economy
command economy
Which country is closest to pure command?
North Korea
United States
United Kingdom
Germany
