Economic Systems Test Review Bingo

CommunismEconomicFree EnterpriseConsumers DecreasesGovernment OfficialsCustom and Tradition Capitalism Producers and Consumers Command Subsistence Agriculture Traditional Bonus EquilibriumSocialismIncreases Word Bank (Some will be used more than once)

 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

 What happens to the price of a good or service when the supply is higher than the demand? 2. Decreases

 In a Traditional Economy, what decides what people produce? 3. Custom and Tradition

 What is another word for Free Enterprise? 4. Capitalism

 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

 Which economic system does not have any government interference at all?  This economic system has little to no competition at all. 6. Traditional

 What happens to the price of a good or service when the supply equals the demand? 7. Equilibrium

 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

 What type of farming method is where families grow just enough food to feed themselves? 9. Subsistence Agriculture

 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

 Which type of economic system has little government interference and ability to make profits ? 11. Free Enterprise

 What happens to the price of a good or service when the demand is higher than the supply? 12. Increases

 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 13. Communism

 For whom are the goods and services produced in Free Enterprise Economy? 14. Consumers

 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

 In which economic system would you expect the widest selection of consumer goods? 16. Free Enterprise

 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

 Which group has the greatest influence in determining what goods and services will be produced in a communist economic system? 18. Government Officials

 In which economic system does the government often own major businesses? 19. Socialism

 How does the economic system here in the United States (Free Enterprise) affect your daily life? 20. Bonus – Choose your BEST shooter