Economics And Government Test Review Flashcards
(33 cards)
What are the three basics questions that every economic system must answer?
What good/services are produced? How will the be made? Who will comsume them?
What are the three 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 governemrt have the most control?
Command
In which economic system do individuals do things based on customs and beliefs?
Traditional
What is the economic system of the most communist countries?
Command
How do tradional economies exchange goods?
Bartering
Which country is the closest to a true Market economy?
United States
Most democratic countries have which type of economic system?
Market
The government makes ALL the economic decisions?
Command
In this system, yourwere peanut farmer, now you have to be a peanut farmer too.
Tradional
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
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
What does “literacy rate” mean?
people 15 and up that can read an wrie
Is the literacy rate of the most European countries high or low?
Very high
Why do you think it is this way?
Invested in huamn capital
What is standard of living?
Measures how well-off the people are in a country
