8.1.1 - What is an Economic System?
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Practice Questions
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What is an economic system?
💡 Hint: Think about what economic decisions are made.
Name one characteristic of capitalism.
💡 Hint: What do individuals or businesses own?
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Interactive Quizzes
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What is a defining feature of capitalism?
💡 Hint: Which word suggests that individuals own resources?
True or False: In socialism, the market determines prices.
💡 Hint: Who decides in a socialist economy?
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Challenge Problems
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Analyze the impacts of a government shifting from a capitalist economy to a socialist model on income distribution.
💡 Hint: Consider how ownership impacts wealth distribution.
Critically evaluate the effectiveness of mixed economies in addressing social inequalities compared to pure capitalist systems.
💡 Hint: Think about how both private and public roles can change outcomes.
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