Economics and government test rewiew Flashcards
(33 cards)
What are the three basic questions that every economic system must answer
What goods are produced? How will they be made? Who will consume them?
What are the three economic questions?
Traditional, Command, and market
The former Soviet Union was an example of what kind of economic system?
Command
What economic system allows the most individual freedom?
Market
In which economic system does does the government have most control?
Command
In which system do individuals do things based on their custom beliefs?
Traditional
What is the economic system of the most communist countries?
Command
How do traditional economies exchange goods?
Bartering/ trading without using money
Which county is closest to a true marketing country?
U.S.A
Most democratic countries have which type of economic system?
Market
11.The government makes ALL economic decisions.
Command
In this system, your parents were peanut farmers, now you have be a peanut farmer too.
Traditional
13.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 and write
- What does “literacy rate” mean?
how many people that can read and write of age 15 or up
22.Is the literacy rate of most European countries high or low?
Very high
Why do you think it is this way?
They invested in human capital
What is the standard of living
Measures how well off people are ina country
