
1-3 Economic Systems

Quiz
•
Business
•
Professional Development
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Easy
Standards-aligned
Marian Moore
Used 9+ times
FREE Resource
27 questions
Show all answers
1.
OPEN ENDED QUESTION
3 mins • 5 pts
What are the three economic questions?
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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 QUESTION
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 QUESTION
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.
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4.
OPEN ENDED QUESTION
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)
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5.
FILL IN THE BLANK QUESTION
3 mins • 5 pts
The method a country uses to answer the three economic questions is called ___________ __________.
6.
MULTIPLE CHOICE QUESTION
3 mins • 5 pts
The resources are owned and controlled by the government is known as ________ _______.
market economy
command economy
mixed economy
traditional economy
7.
MULTIPLE CHOICE QUESTION
3 mins • 5 pts
A _____________ is when the economic resources are
owned and controlled by the people of the
country.
market economy
command economy
mixed economy
traditional economy
Answer explanation
The three economic questions
are answered by individuals through buying and selling of goods and services in the
marketplace.
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