5th Grade Characteristics of Economic Systems

Which Economic System has a central authority or government determine what to produce?

• Traditional

• Command

• Market

• None of these

In which Economic System can individuals choose their own jobs?

• Traditional

• Command

• Market

• None of these

In which Economic System does custom and history determine jobs?

• Traditional

• Command

• Market

• None of these

In which Economic System does the Government determine what goods are important?

• Traditional

• Command

• Market

• None of these

In which Economic System is the production of goods done the same way ancestors produced them?

• Traditional

• Command

• Market

• None of these

In which Economic System does demand and profit determine what is produced?

• Traditional

• Command

• Market

• None of these

Bartering is trading without money.

• True

• False

Money is anything widely accepted in exchange for goods and services

• True

• False

What is a craftsman?

• Someone who produces a good and does all the steps by themselves.

• A worker who does a specific job in producing a specific good or service.

• Both

• Neither

What is a specialist?

• Someone who produces a good and does all the steps by themselves.

• A worker who does a specific job in producing a specific good or service.

• Both

• Neither