Economic Systems Quiz AFTER FLOCABULARY

What are the three questions that every economic system answers?

• What is produced? How is it produced? For whom is it produced?

• What is consumed? How is it consumed? By whom is it consumed?

• What is traded? How is it traded? For whom is it traded?

• What is manufactured? How is it manufactured? For whom is it manufactured?

Which economic system is characterized by the government owning all factors of production?

• Market economy

• Mixed economy

• Command economy

• Socialist economy

In a command economy, who decides what and how much is made for consumption?

• Individuals and businesses

• Consumers

• The government

• The market

What motivates businesses in a market economy?

• Profit

• Social welfare

• Government regulations

• Charitable donations

Which economic system promotes even distribution of wealth?

• Market economy

• Command economy

• Mixed economy

• Capitalist economy

Which economic system is characterized by competition between businesses?

• Command economy

• Mixed economy

• Socialist economy

• Market economy