Key
1. Have a look at the graph below and fill in the missing items.
2. Listen to the recording and answer the following questions.
a) How many basic questions are in the economy? There are three.
b) What is an economic system? It is the decision making when answering the three basic
questions.
c) How many main economic systems are there? There are four.
3. Have a look at the article and put it in to the correct order. (Move the paragraphs only)
….
When it comes to an economy, there are three basic economic questions that each must
answer. When I think of economic questions, I think of more complicated stuff like "How do
we control inflation?", "How do we lower unemployment?", and "How do we keep the
economy flourishing?" but these aren't the three basic economic questions.
The real ones are....
What will be produced with our resources?
How will these goods be produced?
For whom will we produce these goods?
The way that a country handles these questions is based on each country’s economic system.
An economic system is basically the decision making that is done to answer these questions.
There are four main types of economic systems present in the world: the traditional economy,
the market economy, the command economy, and the mixed economy. But there are also
unlimited amounts of variations of these systems.
….
4. Possible answers.
Now read the article and replace the underlined words.
a) There are four main types of economic systems present in the world. kinds / sorts
b) When it comes to an economy, there are three basic economic questions that each
must answer….is spoken about,…..fundamental….
c) When I think of economic questions, I think of more complicated stuff like….
difficult
d) The way that a country handles these questions is based on their economic
system….deals with
e) For whom will we produce these goods? …products