Types of Economic Systems:

Name: __________________________________                                         Date: ______________________

Economics                                                                                                                   Period: _________________

Directions: Answer the following questions below in numerical order. For example clearly label Question #1 and include the answer. You do not have to include the question, only the response. Be sure to include a works cite page citing your sources in MLA format at the end of the assignment.

Part I.

Types of Economic Systems: (Refer to the Economic Systems PowerPoint and your research on the topic)

(15 points) 1. Which type of economic system do you support? Why? (One paragraph minimum response)

(15 points) 2. Which type of economic system is the most dangerous? (One paragraph minimum response)

Part II.

America’s Mixed Economy: (Refer to the American Free Enterprise PowerPoint and your research on the topic)

(10 Points) 3. What is the ideal role of government? (One paragraph minimum response)

(10 Points) 4. In your opinion which parts of the economy should government never touch? (One paragraph minimum response)

(10 Points) 5. What are the advantage and disadvantage of a mixed economy? (One paragraph minimum response)

(10 Points) 6. What are the advantages and disadvantages of free market economy? (One paragraph minimum response)

Part III.

Adam Smith (Refer to the Economic Systems PowerPoint, American Free Enterprise PowerPoint and your research on the topic)

(10 Points)7. What are the strengths and weaknesses of Adam Smith’s thinking?(One paragraph minimum response)

(10 Points)8. How is Adam Smith’s theory of the invisible hand relevant today?(One paragraph minimum response)

Part IV.

Works Cited

(10 Points) Works Cited Page: Must be in MLA format including author, website and date