
1-3 Economic Systems

Assessment
•
Marian Moore
•
Business
•
Professional Development
•
9 plays
•
Easy
Student preview

27 questions
Show all answers
1.
OPEN ENDED
3 mins • 5 pts
What are the three economic questions?
Answer explanation
1. What goods and services will be produced?
2. How will the goods and services be produced?
3. What needs and wants will be satisfied with the goods and services produced?
2.
FILL IN THE BLANK
3 mins • 5 pts
Countries have differing types and amounts of _____________ just as individuals
differ in their skills and abilities. (p.17)
Tags
What to Produce?
3.
OPEN ENDED
3 mins • 5 pts
Some countries have abundant supplies of oil, coal, and other energy sources, while many countries have only a limited supply. Use the internet to list two countries who have limited supply of oil and a surplus supply of oil.
4.
OPEN ENDED
3 mins • 1 pt
Continue to read the section, "What to Produce?" and answer the following question:
Explain what determines what a country may produce? (p.17)
5.
FILL IN THE BLANK
3 mins • 5 pts
The method a country uses to answer the three economic questions is called ___________ __________.
6.
MULTIPLE CHOICE
3 mins • 5 pts
The resources are owned and controlled by the government is known as ________ _______.
7.
MULTIPLE CHOICE
3 mins • 5 pts
A _____________ is when the economic resources are
owned and controlled by the people of the
country.
Answer explanation
The three economic questions
are answered by individuals through buying and selling of goods and services in the
marketplace.
8.
MULTIPLE CHOICE
3 mins • 5 pts
As a country develops, tasks that were traditionally performed using human labor, such as farming and mining, are now performed with more efficient tools and equipment. (p.18)
9.
MULTIPLE CHOICE
3 mins • 1 pt
Because wants and needs are limited, everyone's needs can be met no matter what goods and services a country decides to produce. (p.18)
Answer explanation
Because wants and needs are unlimited, many will remain unmet no matter what goods and services a country decides to produce.
10.
FILL IN THE BLANK
1 min • 5 pts
The __________ is anywhere that goods and services exchange hands. (p.19)
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