What are the three basic questions that every economic system must answer?
Economic Systems

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Social Studies, Geography
•
6th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
What's produced, how it's produced & who consumes it
Answer explanation
Every economic system must address what to produce, how to produce it, and who will consume it. This choice captures the fundamental decisions that shape resource allocation and production in an economy.
2.
FLASHCARD QUESTION
Front
The former Soviet Union was an example of what kind of economic system? Options: Traditional, Market, Command, Mixed
Back
Command
Answer explanation
The former Soviet Union operated under a command economic system, where the government made all decisions regarding production and distribution, contrasting with market economies that rely on supply and demand.
3.
FLASHCARD QUESTION
Front
Which economic system allows for the most individual freedom? Traditional, Command, Market, Mixed
Back
Market
Answer explanation
A market economic system allows individuals to make their own choices regarding production and consumption, leading to greater personal freedom compared to traditional, command, or mixed systems, which impose more restrictions.
4.
FLASHCARD QUESTION
Front
What are the three economic systems?
Back
Traditional, Command, Market
Answer explanation
The three economic systems are Traditional, Command, and Market. Traditional economies rely on customs, Command economies are controlled by the government, and Market economies are driven by supply and demand.
5.
FLASHCARD QUESTION
Front
In which economic system does the government have the most control? Options: Traditional, Command, Market, Mixed
Back
Command
Answer explanation
In a command economic system, the government exerts significant control over production, distribution, and prices, unlike traditional, market, or mixed systems where individual choices play a larger role.
6.
FLASHCARD QUESTION
Front
In which economic system do individuals do things based on customs & beliefs?
Back
Traditional
Answer explanation
In a traditional economic system, individuals make decisions based on customs and beliefs passed down through generations, rather than through market forces or government directives.
7.
FLASHCARD QUESTION
Front
What is the economic system of most communist countries?
Back
Command
Answer explanation
Most communist countries operate under a command economic system, where the government makes all decisions regarding production and distribution of goods, contrasting with market economies that rely on supply and demand.
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