Review the similarities and differences of various economic systems. This printable supports Common Core ELA Standard CCSS.ELA-Literacy.RI.8.4

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Economic System Review (Grade 9)

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Economic System Review

Capitalism, Socialism, and Communism are:
  1. social systems.
  2. cultural systems.
  3. political systems.
  4. economic systems.
What is the economic system in the United States?
  1. capitalist economy
  2. barter economy
  3. communism
  4. business
Great Britain is an example of this type of economic system.
  1. traditional
  2. communist
  3. capitalist
  4. socialist
What Caribbean nation is a communist state?
  1. Bahamas
  2. Cuba
  3. Dominican Republic
  4. Haiti
Feudal society was dominated by a vast network of mutual relationships based on loyalty and service. Those who swore fealty to a lord were called vassals.
  1. True
  2. False
According to mercantilism, a nation could increase its wealth and power by obtaining as much gold and silver as possible and by
  1. establishing a favorable balance of trade.
  2. establishing friendly relationships with the native people.
  3. conquering wealthy countries.
  4. taxing its citizens.
Which of these played an important role in European Mercantilism?
  1. Colonies
  2. Slaves
  3. Manors
  4. Aristocrats
A centrally planned economy is a
  1. traditional economy
  2. market economy
  3. command economy
  4. mixed economy
Communism is a system of social organization in which all economic and social activity is controlled by a state or country.
  1. True
  2. False
An economic system that is based on a society's values, customs, and traditions.
  1. Command Economy
  2. Traditional Economy
  3. Market Economy
  4. Feudalism
Which of the following does not play a major role in a traditional economy?
  1. farming
  2. industrial technology
  3. labor
  4. satisfying people's basic needs
The idea of laissez faire influenced the development of a free enterprise economic system in the United States. What does "laissez faire" mean?
  1. Business should be conducted fairly.
  2. Businesses should set fair prices for their goods.
  3. Governments should have little to do with the economy.
  4. Government should impose rules to ensure fairness in business.
This person believed in self interest, the division of labor, and the laissez-faire economy.
  1. Karl Marx
  2. Charlemagne
  3. Adam Smith
  4. Benjamin Franklin
Which of these is an essential feature of capitalism?
  1. Government ownership
  2. Price controls
  3. Central planning
  4. Free markets
The problem of scarcity is caused by                                        .
  1. unlimited wants and limited resources.
  2. limited wants and unlimited resources.
  3. unlimited wants and unlimited resources.
  4. limited wants and limited resources.

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