Econ And Gov Test Review Flashcards
What are the three basic questions that every economic system Must answer?
What good/services are made? How will they be made? Who will consume them?
What are the three Economic systems?
Traditional, command, and 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 goverment have most control?
Command
In which economic system do individuals do things based on customs or beliefs?
Traditional
What is the economic system of most communist countries?
Command
How do traditional economies exchange goods?
Bartering
Which country is closest to to a true market economy?
United States
Most democratic countries have which type of system?
Market
The goverment makes all economic desiciones
Command
In this system your parents were peanut farmers, now you have to be a peanut farmer too.
Traditional
Most democratic countries are this.
Market
Cuba is close to having this type of system
Command
Business(run by private citizens) determine what goods/services are produced and how they will be made
Market
Which economic systems use bartering instead of money
Traditional
Communist countries are closely related to this type of economic system
Command
Businesses make economic desiciones, but the goverment 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 in a certain place that are 15 and up who can read and write
Is the literacy rate of most European countries high or low?
High
Why do you think it is this way?
The European leaders invested in human capital
What is standard of living?
It measures how well off people are in a country
