Economic Systems

Front

In which type of economy does Ivan work? Ivan works in a government owned car factory because this was the job he was assigned. Every day he works hard to meet production goals set by his leaders. He is happy to do the work because he knows he is doing his part to keep his government strong and powerful. Options: Command, Market, Traditional, Mixed

Back

Command

Front

What type of economic system best describes the one the Maasai use? In eastern Africa, the Maasai people have an economy based on raising cattle, goats, and sheep. They have lived this way for many generations. Maasai groups share grazing land and water and exchange livestock as a way to establish group bonds. This system allows the Maasai to take care of each other and focus on the needs of the children and the elderly.

Back

Traditional

Front

Surplus is the amount left over after a goal is met.

Back

True

Front

Scarcity is:

Back

the short supply of an item

Front

Profit is a financial loss.

Back

False

Answer explanation

Profit is financial gain!

Front

Supply and demand impact the __________ of an item or resource.

Back

price

Front

Why did Gas station A lower its price to $2.74/gallon after Gas station B did the same?

Back

competition

Front

What is Maria's role when she buys a new backpack?

Back

Maria is a consumer

Front

What is Tyler's role if he mows lawns and does yard work for $10 an hour?

Back

Tyler is a producer

Front

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

Back

Command