Economic & goverment test review Flashcards
What are the three basic questions that every economic system that every must answer?
What product service will be produced? How will it be made? And who will consume/buy it?
What are the three economic systems?
Market, traditional, command
The former Soviet Union was a example of what kind of economic system?
Command
Which economic system allows for most individual freedom?
Market
In which economicsystem 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 country?
Command
How do you traditional economies exchange goods?
Bartering
What country is closest to a true market?
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
