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Economic systems

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Answer 3 out of 4 questions correctly.

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An economic system consists of rules and practices that allow people to meet their needs and wants. We classify economic systems based on how they address three key questions:

What goods and services will be produced?
How will those goods and services be produced?
Who will receive the goods and services?

The following statements show how different economic systems answer these key economic questions. Sort the statements based on which question they answer.

The government figures out what items people will likely need.

The government owns the equipment and hires people to make goods.

Businesses figure out what items people will likely want to buy.

People who have money can buy the items they want.

Businesses own equipment and hire people to make goods.

The government gives items to people who need them.

What goods and services will be produced?

How will those goods and services be produced?

Who will receive the goods and services?

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