Economic And Government Test Review Flashcards
1
Q
What are the three basic questions that every economic system must answer?
A
What goods/services are produced? How will they be made?
2
Q
What are the three economic systems?
A
Traditional, Command, Market
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 does the government have the most control?
A
Command
6
Q
In which economic system do individuals do things based on customs & beliefs?
A
Traditional
7
Q
What is the economic system of most communist countries?
A
Bartering
8
Q
Which country is closest to a true market economy?
A
United States
