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Types of Economic Systems QR Code Activity
Types of Economic Systems
QR Code Activity
#1
This type of economic system is also known as a centrally planned system.
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#2
This economic system revolves around family.
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#3
In this type of economic system, the government decides what will be produced.
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#4
This economic system is the most flexible.
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#5
In this economic system, the government has a role, but it is limited.
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#6
In this economic system, custom, ritual, or habit determines what is produced.
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#7
In this economic system, consumers are free to buy whatever they choose as long as they follow government regulations.
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#8
In this economic system, people have very little incentive to be efficient or innovative.
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#9
This economic system is the most rigid and least responsive to change.
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#10
In this economic system, the “invisible hand” guides the market.
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#11
In this economic system, communities typically have a low standard of living and lack modern conveniences.
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#12
This economic system is associated with Karl Marx.
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#13
The US and most other countries are examples of this type of economic system.
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#14
This economic system is associated with Adam Smith.
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#15
This economic system is particularly vulnerable to environmental disasters.
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#16
This economic system is also known as the free market.
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#17
In this economic system, production is based solely on supply and demand.
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#18
In this economic system, producers can produce according to supply and demand but must follow government regulations.
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#19
Consumers are free to buy whatever they choose in this economic system.
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#20
This economic system is often rural and farm-based.
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#21
In this economic system, the government will sometimes step in to make competition more fair.
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#22
In this economic system, there is no private property and very little freedom.
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#23
Consumers are only allowed to buy what the government allows in this economic system.
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