Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment...
-
Upload
neil-collins -
Category
Documents
-
view
217 -
download
0
description
Transcript of Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment...
![Page 1: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/1.jpg)
Economic Systems Test Review
Bingo
![Page 2: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/2.jpg)
Communism Economic Free Enterprise Consumers
Decreases Government Officials
Custom and Tradition
Capitalism
Producers and Consumers
Command Subsistence Agriculture Traditional
Bonus Equilibrium Socialism Increases
Word Bank (Some will be used more than once)
![Page 3: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/3.jpg)
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.
1. Socialism
![Page 4: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/4.jpg)
What happens to the price of a good or service when the supply is higher than the demand?
2. Decreases
![Page 5: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/5.jpg)
In a Traditional Economy, what decides what people produce?
3. Custom and Tradition
![Page 6: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/6.jpg)
What is another word for Free Enterprise?
4. Capitalism
![Page 7: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/7.jpg)
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
5. Command
![Page 8: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/8.jpg)
Which economic system does not have any government interference at all?
This economic system has little to no competition at all.
6. Traditional
![Page 9: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/9.jpg)
What happens to the price of a good or service when the supply equals the demand?
7. Equilibrium
![Page 10: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/10.jpg)
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.
8. Free Enterprise
![Page 11: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/11.jpg)
What type of farming method is where families grow just enough food to feed themselves?
9. Subsistence Agriculture
![Page 12: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/12.jpg)
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.
10. Producers and Consumers
![Page 13: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/13.jpg)
Which type of economic system has little government interference and ability to make profits ?
11. Free Enterprise
![Page 14: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/14.jpg)
What happens to the price of a good or service when the demand is higher than the supply?
12. Increases
![Page 15: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/15.jpg)
Which economic system is based on the following?
1. No competition2. Based on cooperation, in which all workers should labor
together and share equally3. Supposed to be beneficial for all4. Goal is to achieve a classless society5. Government ownership of property
13. Communism
![Page 16: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/16.jpg)
For whom are the goods and services produced in Free Enterprise Economy?
14. Consumers
![Page 17: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/17.jpg)
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
15. Economic System
![Page 18: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/18.jpg)
In which economic system would you expect the widest selection of consumer goods?
16. Free Enterprise
![Page 19: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/19.jpg)
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 ___________________.
17. Socialist
![Page 20: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/20.jpg)
Which group has the greatest influence in determining what goods and services will be produced in a communist economic system?
18. Government Officials
![Page 21: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/21.jpg)
In which economic system does the government often own major businesses?
19. Socialism
![Page 22: Economic Systems Test Review Bingo. CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and.](https://reader036.fdocuments.net/reader036/viewer/2022062503/5a4d1af57f8b9ab05998157a/html5/thumbnails/22.jpg)
How does the economic system here in the United States (Free Enterprise) affect your daily life?
20. Bonus – Choose your BEST shooter