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What is Economy? - Definition & Types

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which one of the following is the best explanation of an economy?

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1. What's the name of the economic system where the labor is controlled by individuals but capital and land is controlled by the government?

2. What's the key difference between a market system and a command system?

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About This Quiz & Worksheet

This quiz and worksheet combination will see what you know about economics. While taking the quiz, you will be tested on different types of economic systems and their traits.

Quiz & Worksheet Goals

During the assessments, you will be tested on:

  • What an economy is
  • Market systems vs. command systems
  • The definitions of various types of economic systems

Skills Practiced

This worksheet and quiz allow you to practice the following skills:

  • Information recall - access the knowledge you've gained regarding economics
  • Knowledge application - use your knowledge to answer questions about market systems
  • Reading comprehension - ensure that you draw the most important information from the lesson on types of economies

Additional Learning

To study more about economics, review the accompanying lesson Characteristics & Types of Economies. This lesson will look at the following objectives:

  • Defines economy
  • Explores how political and social issues effect economies
  • Explains communism, capitalism, and socialism
  • Covers market systems and command systems
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