Economic Systems Test Review Bingo Word Bank (Some will be used more than once) Communism Economic Free Enterprise Decreases Government Officials Custom and Tradition Producers and Consumers Command Subsistence Agriculture Traditional Equilibrium Socialism Increases Bonus Consumers Capitalism 1. Socialism Which type of economic system does the government own and operate basic industries? Nation’s most important businesses are owned by the government. People’s basic needs (health care, transportation, education, housing) are met for free or at a very low cost. 2. Decreases What happens to the price of a good or service when the supply is higher than the demand? 3. Custom and Tradition In a Traditional Economy, what decides what people produce? 4. Capitalism What is another word for Free Enterprise? 5. Command Which type of economic system is completely controlled by the government? This system is typically run by a dictator or tyrant Government controls all resources/industries Government ownership of property 6. Traditional Which economic system does not have any government interference at all? This economic system has little to no competition at all. 7. Equilibrium What happens to the price of a good or service when the supply equals the demand? 8. Free Enterprise Which economic system does supply and demand determine the price of a good? This economic system gives people choice in what to produce and how. 9. Subsistence Agriculture What type of farming method is where families grow just enough food to feed themselves? 10. Producers and Consumers In a free enterprise economy the three economic questions are answered by the interplay between the ___________ and ___________. They also determine which goods and services are produced and in what quantities. 11. Free Enterprise Which type of economic system has little government interference and ability to make profits ? 12. Increases What happens to the price of a good or service when the demand is higher than the supply? 13. Communism Which economic system is based on the following? 1. No competition 2. Based on cooperation, in which all workers should labor together and share equally 3. Supposed to be beneficial for all 4. Goal is to achieve a classless society 5. Government ownership of property 14. Consumers For whom are the goods and services produced in Free Enterprise Economy? 15. Economic System An ___________ system describes how a country’s economy is organized. because of the problem of scarcity, every country needs a system to determine how to use its productive resources 16. Free Enterprise In which economic system would you expect the widest selection of consumer goods? 17. Socialist In Indonesia, the government owns large industries and sets some prices. However, private businesses are also encouraged. This country's economic system can best be classified as ___________________. 18. Government Officials Which group has the greatest influence in determining what goods and services will be produced in a communist economic system? 19. Socialism In which economic system does the government often own major businesses? 20. Bonus – Choose your BEST shooter How does the economic system here in the United States (Free Enterprise) affect your daily life?