Econ. & Gov. Test Review Flashcards
(33 cards)
What are the 3 basic questions that every economic system
What goods/services are produced? How will they be made? Who will consume them?
What are the 3 economic systems
Traditional, Command, & Market
The former Soviet Union was an example of what kind of economic system
Command
Which economic system allows for the most individual freedom
Market
In which economic system does the government have the most control
Command
In which economic system do individuals do things based on customs & beliefs
Traditional
What is the economic system of most communist countries
Command
How do traditional economies exchange goods
Bartering
Which country is closest to a true Market economy
USA
Most democratic countries have which type of economic system
Market
The government makes ALL economic decisions
Command
In this system, your parents were peanut farmers, now you have to be a peanut farmer too
Traditional
Most democratic countries are this
Market
Cuba is close to having this type of system
Command
Business (ran by private citizens) determine what goods/services are produced and how they will be made
Market
Which Economic system uses Bartering instead of money
Traditional
Communist countries are closely related to this economic system
Command
Businesses make economic decisions, but the government regulates them to make sure they’re safe/fair
Market
Australia’s economic system is close to this
Market
A literate person is one who can
Read & Write
What does “literacy rate” mean
People 15 & up that can read & write
Is the literacy rate of most European countries high or low
Very high
Why do you think it is this way
Invested in Human Capital
What is standard of living
Measures how well-off the people are in a country
