2.4.W - Lesson Assessment

Match each type of economic system to its definition. Resources are owned and controlled by the government. Government officials decide what and how goods are produced and how they will be distributed and consumed. Resources are owned and controlled by the people of the country. The three economic questions are answered by individuals through buying and selling of goods and services in the marketplace. Goods and services are produced the way it's always been done. This economy is used in countries that are less developed and are not yet participating in the global economy. This economy is usually centered on meeting basic needs. Combines elements of the command and market economies. Refers to the private ownership of financial resources by individuals, rather than by the government. Individual owners are free to decide what to produce with the resources they own, and individual consumers are free to choose how they want to use their money to purchase products and services.

*Command Economy *Market Economy *Traditional Economy *mixed Economy *Capitalist Economy

Match each principle that the United States' economic system is based on to its description. means you can own, use, or dispose of things of value. In the US, you can own anything you want and decide what you want to do with it, as long as it does not violate the law means that you can make economic decisions independently and must accept the consequences of those decisions the excess of returns over expenditure in a transaction or series of transactions especially the excess of the selling price of goods over their cost the rivalry among businesses to sell their goods and services and it encourages businesses to improve products, keep prices low, and provide quality customer service

*Private Property *Freedom of Choice *Profit *Competition

An economic system is a method a country uses to answer three economic questions. Choose those questions that are answered by a country's economic system.

*What goods and services will be produced? *How will the goods and services be produced? *What needs and wants will be satisfied with the goods and services produced?