Economic and Goverment Review Flashcards
(9 cards)
1
Q
What are the three Basic questions that every economic system must answer?
A
What product/service will be produced? How will it be made? And who will consume/buy it?
2
Q
What are the three economic systems?
A
Market, traditional, and command
3
Q
The former Soviet Union was an example of what kind of economic system?
A
Command
4
Q
Which economic system allows for the most individual freedom?
A
Market
5
Q
In which economic system allows for the government have the most control?
A
Command
6
Q
In which economic system do individuals do things based on custom and beliefs?
A
Traditional
7
Q
What is the economic system of most communists countries?
A
Command
8
Q
Which country is closest market economy?
A
United States
9
Q
Most democratic countries have which type of economic system
A
Market
