Government and Economics Review Flashcards
(33 cards)
What are three basic questions that every economic system must answer
What goods services are produced, how will they make them, who will consume them
What are the 3 economic systems
Traditional, Command, and Market
The former Soviet Union was an example of what 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?
United States
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 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 and Write
What does “literacy rate” mean?
People above 15 and up that can read and write
Is the literacy rate of most European countries high or low?
High
Why do you think it is this way?
Invested in human capital
What is standard of living?
Measures how well-of the people in a country
