4 Main Economic Systems & 5 Key Characteristics of Private Enterprise

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Students will review the 4 main types of economic systems, and the 5 characteristics of the private enterprise system.

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Amanda Mason

United States

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4 Main Economic Systems & 5 Key Characteristics of Private Enterprise


Froggy Jumps 4 Main Economic Systems & 5 Key Characteristics of Private EnterpriseOnline version Students will review the 4 main types of economic systems, and the 5 characteristics of the private enterprise system. by Amanda Mason 1 What is an economic system? a An economy controlled by the government; leaders make all economic decisions. b It's how a country decides to use its resources to make and share goods and services. c A system that blends government involvement and private business freedom. 2 The government acts as a referee to keep things fair (laws, safety rules, etc.). a Competition b Limited Government Involvement c Consumer Choice 3 True or False. A student starts a lawn mowing business in the summer is an example of a private enterprise. a True b False c I don't know. 4 What are the four main economic systems? a Market, Mixed, Consumer Choice, Traditional b Traditional, Command, Market, Mixed c Command, Family, Traditional, Supply 5 The government protects rights but lets businesses make most decisions. a limited Government Involvement b Consumer Choice c Private Ownership 6 When consumers choose certain products over others, what message do they send to businesses? a Ignore what consumers buy. b Produce more of what consumers like. c Only sell items the government approves. 7 The government acts as a referee to keep things fair (laws, safety rules, etc.). a Limited Government Involvement b Profit Motive c Competition 8 In a private enterprise system, who makes the business decisions? a The government. b The consumers only. c Private business owners and entrepreneurs 9 What is competition? a When only one business sells a product. b It encourages businesses to make raise prices. c When businesses try to attract the same customers by offering better products or prices. 10 It encourages businesses to make better products at fair prices. a Consumer Choice b Competition c Profit Motive 11 People make and trade things the same way their ancestors did. a Traditional Economy b Mixed Economy c Command Economy 12 All decisions are made by government leaders or central planners. a Command Economy b Market Economy c Traditional Economy 13 Goods are shared through a mix of private business and public programs (like schools, roads, healthcare). a Market Economy b Command Economy c Mixed Economy 14 Which is an example of Market Economy? a Businesses set prices based on what people are willing to pay for their products. b A tribe trades handmade tools for food, just like their ancestors did. c The government decides what goods factories will make this year and how much workers are paid. 15 Profit is the reward for working hard, being creative, and meeting customer needs. a Mixed Economy b Profit Motive c Consumer Choice

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4 Main Economic Systems & 5 Key Characteristics of Private Enterprise

Froggy Jumps

About this activity

Created by

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4 Main Economic Systems & 5 Key Characteristics of Private EnterpriseOnline version

by Amanda Mason

What is an economic system?

The government acts as a referee to keep things fair (laws, safety rules, etc.).

True or False. A student starts a lawn mowing business in the summer is an example of a private enterprise.

What are the four main economic systems?

The government protects rights but lets businesses make most decisions.

When consumers choose certain products over others, what message do they send to businesses?

The government acts as a referee to keep things fair (laws, safety rules, etc.).

In a private enterprise system, who makes the business decisions?

What is competition?

It encourages businesses to make better products at fair prices.

People make and trade things the same way their ancestors did.

All decisions are made by government leaders or central planners.

Goods are shared through a mix of private business and public programs (like schools, roads, healthcare).

Which is an example of Market Economy?

Profit is the reward for working hard, being creative, and meeting customer needs.