Here are the solutions to the worksheet problems.
Part 1: Economic Continuum
The continuum shows a range from
Command (left side) to
Market (right side).
*
Command means high government control.
*
Market means supply-and-demand controls the economy.
* The middle represents a mix of both.
1.
"a": An economy based on high government control goes on the far left, near the word
COMMAND.
2.
"b": An economy based on supply-and-demand goes on the far right, near the word
MARKET.
3.
"c": An economy with some government control and some supply-and-demand influence goes in the
middle of the arrow.
Part 2: Vocabulary Matching
Here is the step-by-step matching for the definitions:
1.
Definition: an economic system that is controlled by the government
*
Match: This describes a Command economy.
*
Answer: e
2.
Definition: an economic system that is based on supply-and-demand
*
Match: This describes a Market economy.
*
Answer: d
3.
Definition: an economic system that combines different aspects of economic models
*
Match: Combining aspects creates a Mixed economic system.
*
Answer: c
4.
Definition: to get involved in to change the outcome
*
Match: To get involved is to Intervene.
*
Answer: b
5.
Definition: the amount of goods/services available and the desire for it
*
Match: "Amount available" is supply, "desire" is demand. Together they are supply-and-demand.
*
Answer: a
6.
Definition: different kinds; an assortment of
*
Match: This is the definition of Various.
*
Answer: g
7.
Definition: a scale from 0-100 that ranks economies
*
Match: A scale or line used to rank things is a continuum.
*
Answer: f
*(Note: Option "h. Modern" is not used in these definitions.)*
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Final Answer:
Continuum Placement:
1.
a: Left end (near COMMAND)
2.
b: Right end (near MARKET)
3.
c: Middle
Vocabulary Matches:
1.
e (Command economy)
2.
d (Market economy)
3.
c (Mixed economic system)
4.
b (Intervene)
5.
a (supply-and-demand)
6.
g (Various)
7.
f (Economic continuum)
Parent Tip: Review the logic above to help your child master the concept of types of economies worksheet.
