Econ & Govt Review Flashcards
(33 cards)
The three economic systems
Traditional, Command, Market
The former Soviet Union
Command
Economic system allows for the most individual freedom
Market
Economic system the government have the most control
Command
Economic system individuals do things based on customs and beliefs
Traditional
Economic system of most communist countries
Command
Traditional economies exchange goods
Bartering
Country is closest to a true Market economy
United States
Most democratic countries have economic system
Market
The government makes ALL economic decisions
Command
If your parents were peanut farmers, you’ll become a peanut farmer
Traditional
Most democratic countries are this
Market
The three basic questions that every economic system
What good/services are produced? How will they be made? Who will consume them?
Cuba is close to having this type of system
Command
Business (ran by private citizens) determine what good/services are produced and how they will be made
Market
Which Economic system uses Bartering instead of money
Market
Communists 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 and Write
Literacy rate means
People IS and up can read/write
The literacy rate in Europe
Very high
I think it is this way because
Invested in human capital
Standard in living
Measures how well-of the people are in the country
