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Economic Systems Test

Authored by MaryBeth Broxterman

Social Studies

6th - 8th Grade

Used 4+ times

Economic Systems Test
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14 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

Which type of economic system is dying out because it has proven less successful? Explain WHY.

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Answer explanation

Think back on your parking lot activity. People were more focused on meeting minimum requirements than by doing a good job.

2.

OPEN ENDED QUESTION

3 mins • 1 pt

How does a Market Economy Answer the 3 basic economic questions that need to be addressed?

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Answer explanation

The name of the system indicates what is in control

3.

OPEN ENDED QUESTION

3 mins • 1 pt

Which type of economic system typically is best for raising a country's standard of living? WHY?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

How does a traditional economy answer the basic economic questions?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the 3 basic questions that all economies must answer?

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6.

OPEN ENDED QUESTION

3 mins • 1 pt

Which economic system is not found very frequently in our modern world as compared to the other 2? Why?

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7.

MATCH QUESTION

1 min • 1 pt

Media Image

Match the following...

Their horns don't work

Controlled by the private and public sectors to prevent failure

Mixed

Controlled by the wants and needs of consumers

Traditional

Controlled by historic values and decisions that have stood for generations

Market

Controlled solely by the government and what they believe is best

Command

Why do cows wear bells?

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