Economic And Test Reveiw Flashcards
What are the three basic questions that every economic system must answer?
What produc service l be produced? how will it be made? And who will consume/but it?
Describe the “cycle of poverty”
If a community hits poverty it takes generations to recover/get out of poverty.
Is the literacy rate of most European countries height or low?
High.
Give an example of unlimited government ruler.
Dictator or absolute monarchy.
Most democratic countries are this.
Market.
In this system, your parents were peanut farmer, now you have be a peanut farmer too.
Traditional.
Business (ran by privatee citizens) determine what goods/services are produced and how they will be made.
Will be made. Market
Which Economic system uses Bartering instead of money.
Traditional.
Businesses make economic decisions, but the government regulates them to make sure they’re safe/fair.
Market
What is standard of living?
How well-off a country population is.
