ECONOMIC SYSTEM: ________________________________________
name: ____________________________
Define the system: _____________________________________________________________________
Economic Goals
What goals are important
to this system?
(X the box)
EF4b
Define the goal / tell why the system believes in it
Freedom
Security
Efficiency
Stability
Growth
Equity
Full Employment
ECONOMIC SYSTEM: ________________________________________
name: ____________________________
Define the system: _____________________________________________________________________
Economic
Principles
Private ownership
Profit motive
Consumer
sovereignty
Competition
Government
Regulation
Voluntary
Exchange
Self Interest
What Principles are
important to this system?
(X the box)
EF4a
Define the principle / tell why the system believes in it
DIFFERENTIATTION FOR ECONOMIC SYSTEMS:
Based on Economic Systems and Goals Quiz or Formative assessment (below) – Give students
assignment of weaker standard/most missed.
Economic Systems/Goals
1
Which goal of the U.S. economy is concerned with questions of fairness and right and wrong?
EF4b
2
A)Economic equity B)Economic freedom C)Economic security D)Economic stability
Scarcity of resources leads the U.S. economy to pursue the goal of economic
EF4b
3
A)Freedom
B)Equity
C)Growth
D)Efficiency
The Economic system in which the basic economic questions are answered by government planners is called a
EF4b
4
A)Market Economy B) Command Economy C) Mixed Economy D) Traditional Economy
In truth, all economies today are
EF4a
5
A)Market
B) Command
C) Mixed
The goal of economic stability has two concerns:
EF4b
6
A)high unemployment and stable prices
C)full employment and stable prices
B)high unemployment and rising prices
D)full employment and falling prices
Which type of economy is closest to the pure market model?
EF4a
7
A)communism
B)democratic socialism C)capitalism
D)authoritarian socialism
In which economic system do individuals answer the three economic questions?
EF4b
8
A)traditional economy B)command economy C)market economy
In a command economy, the means of production are owned by
EF4a
9
A)individuals
B)family groups
C)religious leaders
All of the following are U.S. economic goals except
10
A)equity
B)stability
C)growth
D)recession
The economic system in which the governments owns some of the factors of production is
EF4a
11
A)democratic socialism
B)capitalism
C)authoritarian socialism
Which of the following sets are economic goals of the U.S. economy?
EF4b
12
13
D)Traditional
D)mixed economy
D)the government
EF4b
D)communism
A)freedom, efficiency, and privacy
C)efficiency, scarcity, and stability
B)stability, growth, and individualism
D)security, efficiency, and equity
You are an entrepreneur with an innovative idea for a new business. In which kind of economy would you
have the most opportunity to try to achieve success?
A)traditional
B)mixed
C)command
What is the basic question(s) all economies have to answer?
A)what to produce
B)how to produce
EF4a
D)market
C)for whom to produce
EF4b
D)all of the above
14
A market economy depends on
15
A)private ownership and control of resources
B)an equal distribution of wealth
The standard of living
16
17
EF4a
C)government ownership and control of resources
D)limited competition and profits
A)improves when production from each worker increases at the same rate as the population
B)is measured as how much, on average, every person in a country is able to consume in a period of time
C)is measured as how much, on average, every person in a country is able to consume in their lifetime
D)improves when production from each worker falls and the population remains stable
Australia has one of the most advanced market economies in the world, meaning the majority of economic
decisions are made by
A)their executive branch of government
C) a central economic planning committee
B)their legislative branch of government
D)the producers and consumers of products
Canada has a universal healthcare system, providing government-funded medical services to all citizens.
However, the vibrant private sector helps to push an economy that is one of the world’s most successful.
Intense and frequent trade with the U.S. provides the country with great wealth. These facts provide evidence
that Canada has a
EF6c
EF4a
EF4a
18
A)mixed economy B)market economy C)command economy
D)traditional economy
In this type of economic system, the government controls all aspects of the economy and makes all decisions
about what goods will be produced, who will produce them, and how they will be produced
EF4b
19
A)command
B)market
C)mixed
D)traditional
In which country would you MOST expect to find state-controlled industry, the greatest amount of restrictions
on private business ownership, and the majority of the population working for government?
EF4a
20
A)Brazil
B)Canada
C)Cuba
D)Mexico
What fundamental question relates most directly to consumer sovereignty?
EF4b
21
A) How will the system promote progress?
C) What goods and services will be produced
B) How will the goods and services be produced? D) Where will the good or service be offered for sale?
In a command economy, how are the prices of goods and services determined?
EF4a
22
A)business owners
B)the central government
C)market forces
D) independent agencies
In a mixed or Market system, what motivates individuals to start a business?
EF4a
23
A)the risk of failure
B)the need for job security
C)the desire to earn a profit
In a market economy, what does a producer mean when it asks, “Is there a market for my products?”
EF4b
A)”Is there a place where we can sell our products?”
B)”Is our product being made more cheaply overseas?”
C)”Will consumers need and want to buy our product?”
D)”Will the government support demand for our products?”