Traditional, command, market and mixed economies
Grade 7 Social Studies Worksheet
Circle the best answer.
In a market economy, who mainly decides what to make, Milo asks?
- A central plan with targets for each factory
- One shopkeeper for the country
- Custom handed down in families
- Buyers and sellers
In a command economy, how is the decision made, Noah asks?
Use the picture in question 1.
- By prices set by supply and demand
- By custom and long tradition
- By a coin toss
- By plans and targets
What is another name for a command economy, Pia asks?
Use the picture in question 1.
- A barter economy
- A market economy with prices
- A traditional economy with customs
- A planned economy
In the market chain, what happens when buyers want more of a good, Ren asks?
Use the picture in question 1.
- Custom decides to make less
- A central plan raises the target
- Its price rises
- Its price falls to zero
Why do makers make more when the price rises, Tala asks?
Use the picture in question 1.
- They can earn more
- Their grandparents did
- A plan orders them to
- Prices fall when they make more
In the command chain, what do factories follow, Zee asks?
Use the picture in question 1.
- The prices in the market each day
- Long-standing family customs
- The plan's targets
- Nothing
Which chain starts with a central plan, Bo asks?
Use the picture in question 1.
- Both chains start with a plan
- The market chain, with its prices
- Neither chain has a plan
- The command chain
How do the two chains differ, Esme asks?
Use the picture in question 1.
- One makes goods and the other makes no goods
- In who decides
- They do not differ
- One is good and the other is bad
Jun's note says, "In a market economy, a central plan sets prices." Which fix is right?
Use the picture in question 1.
- Change "market" to "traditional"
- Leave it: plans set market prices
- Change "prices" to "customs"
- Change it: supply and demand set prices
Kira's note says, "In a command economy, buyers decide what factories make." Which fix is right?
Use the picture in question 1.
- Change "command" to "barter"
- Change it: a central plan decides
- Leave it: buyers set each factory's target
- Change "factories" to "farms"