Economic Systems Test Review

Bingo

Communism Economic Free Enterprise Consumers

Decreases Government Officials

Custom and Tradition

Capitalism

Producers and Consumers

Command Subsistence Agriculture Traditional

Bonus Equilibrium Socialism Increases

Word Bank (Some will be used more than once)

Which type of economic system does the government own and operate basic industries?

Nation’s most important businesses are owned by the government.

People’s basic needs (health care, transportation, education, housing) are met for free or at a very low cost.

1. Socialism

What happens to the price of a good or service when the supply is higher than the demand?

2. Decreases

In a Traditional Economy, what decides what people produce?

3. Custom and Tradition

What is another word for Free Enterprise?

4. Capitalism

Which type of economic system is completely controlled by the government?

This system is typically run by a dictator or tyrant Government controls all resources/industries Government ownership of property

5. Command

Which economic system does not have any government interference at all?

This economic system has little to no competition at all.

6. Traditional

What happens to the price of a good or service when the supply equals the demand?

7. Equilibrium

Which economic system does supply and demand determine the price of a good?

This economic system gives people choice in what to produce and how.

8. Free Enterprise

What type of farming method is where families grow just enough food to feed themselves?

9. Subsistence Agriculture

In a free enterprise economy the three economic questions are answered by the interplay between the ___________ and ___________.

They also determine which goods and services are produced and in what quantities.

10. Producers and Consumers

Which type of economic system has little government interference and ability to make profits ?

11. Free Enterprise

What happens to the price of a good or service when the demand is higher than the supply?

12. Increases

Which economic system is based on the following?

1. No competition2. Based on cooperation, in which all workers should labor

together and share equally3. Supposed to be beneficial for all4. Goal is to achieve a classless society5. Government ownership of property

13. Communism

For whom are the goods and services produced in Free Enterprise Economy?

14. Consumers

An ___________ system describes how a country’s economy is organized.

because of the problem of scarcity, every country needs a system to determine how to use its productive resources

15. Economic System

In which economic system would you expect the widest selection of consumer goods?

16. Free Enterprise

In Indonesia, the government owns large industries and sets some prices. However, private businesses are also encouraged. This country's economic system can best be classified as ___________________.

17. Socialist

Which group has the greatest influence in determining what goods and services will be produced in a communist economic system?

18. Government Officials

In which economic system does the government often own major businesses?

19. Socialism

How does the economic system here in the United States (Free Enterprise) affect your daily life?

20. Bonus – Choose your BEST shooter