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6th Grade Economic System Review
Test Description: Economic System Vocab
Instructions: Answer all questions to get your test result.
1) What is scarcity?
A
the lack of resources to produce all the goods and services that are needed or wanted
B
Invest in public education including college, training programs, funding for research
C
a Halloween style event that makes money
D
investment in factories
2) What type of economic system do most democratic countries have?
A
market
B
mixed
C
traditional
D
command
3) An economy in which most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the past.
A
traditional
B
mixed
C
command
D
market
4) Government planning groups make the basic economic decisions such as which goods and services to produce, prices, and wage rates
A
market
B
command
C
traditional
D
mixed
5) In which economic system do buyers control what is produced by making purchases.
A
command
B
mixed
C
traditional
D
market
6) In which economic system does the government own all businesses and resources and decide who gets what?
A
traditional
B
mixed
C
market
D
command
7) Market + Command = _________
A
tradtional
B
command
C
mixed
D
market
8) What are the three economic questions every country must answer?
A
none of these
B
What to produce, when to produce, and where to produce
C
What to produce, how much it costs, and who pays the taxes
D
What to produce, how to produce, for whom to produce
9) What is the definition of 'supply'?
A
What to produce, when to produce, and where to produce
B
not enough water for drinking
C
an action provided by a producer for a consumer to satisfy a need or want
D
how much of a good or service is produced or is available at a certain price
10) businesses, property, and resources belong to individual citizens instead of the government is an example of ____________
A
democracy
B
the Taliban
C
private ownership
D
consumer
11) An ______________ is the way in which a society or country organizes the production, consumption, and distribution of goods, services, and wealth.
A
oligarchy
B
autocracy
C
producer
D
economic system
12) People _______ by exchanging one good or service for another, instead of paying with money.
A
trade
B
shop
C
barter
D
banter
13) In a ________ economy, people produce what they need to survive by using traditional methods of agriculture, hunting, fishing, or gathering.
A
traditional
B
mixed
C
market
D
command
14) In a market economy, a country’s economic decisions are based on __________.
A
gross domestic product
B
supply and demand
C
whatever the government tells you,
D
consumers and buyers
15) In a command economy, The government also ______________ by regulating which goods the country needs to import and which goods should be sold, or exported, to other countries.
A
restricts free trade
B
stops counterfeits
C
allows open production
D
makes everyone wealthy
16) there are no ________ market or ________ command economies
A
pure
B
real
C
live
D
modern
*select an answer for all questions
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