Economic Systems Worksheet
Explore different economic systems, including traditional, command, market, and mixed economies, with this Grade 7 social studies worksheet.
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Economic Systems
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Read each question carefully and answer to the best of your ability. This worksheet covers traditional, command, market, and mixed economic systems.
1. In which economic system are economic decisions primarily based on custom and tradition?
Command economy
Market economy
Traditional economy
Mixed economy
2. Who makes most of the economic decisions in a command economy?
Individual consumers
The government
Tribal elders
Private businesses
3. In a economy, prices and production are largely determined by supply and demand.
4. Most countries today operate under a economic system, combining elements of market and command economies.
5. The three basic economic questions are: What to produce, How to produce, and to produce for.
6. In a market economy, the government owns most of the resources and businesses.
True
False
7. A traditional economy often relies on bartering rather than currency.
True
False
8. Briefly explain one advantage of a market economy.
9. Briefly explain one disadvantage of a command economy.
Match each economic system with its primary characteristic.
10. Traditional
a. Central government control
11. Command
b. Based on customs and beliefs
12. Market
c. Supply and demand drive decisions
13. Mixed
d. Combination of private and public control
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