Economic Systems Worksheet
A Grade 10 Social Studies worksheet covering fundamental economic systems: traditional, command, market, and mixed economies.
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Economic Systems Worksheet
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Read each question carefully and answer to the best of your ability. This worksheet assesses your understanding of different economic systems.
1. In which economic system are the means of production primarily owned and controlled by the government?
Market economy
Command economy
Traditional economy
Mixed economy
2. Which of the following is a characteristic of a pure market economy?
Centralized planning
Government ownership of resources
Private property rights
Decisions based on custom and tradition
3. In a economy, economic decisions are based on customs, traditions, and beliefs.
4. The United States operates under a economy, combining elements of both market and command systems.
5. A key advantage of a market economy is its emphasis on and efficiency.
6. In a command economy, consumers have a wide range of choices regarding goods and services.
True
False
7. Most modern economies are purely one type of economic system.
True
False
8. Briefly explain the main difference between a market economy and a command economy.
9. Provide one advantage and one disadvantage of a traditional economic system.