Economic & Government Test Reveiw Flashcards
What are three basic questions that every economic system must answer?
What product/service will be produced? How will it be made?
What are three economic systems?
Market, tradition, and command.
The former Soviet union was in the sample of what kind of economic system?
Market
Which Economic system allows for the most individual freedom?
Traditional
In which economic system does the government have the most control?
Command
Which economic system do individuals do things based on customs and beliefs.
Traditional
What is the economics system of most communist countries.
Command
How to traditional economies exchange goods?
Bartering
Which country is closest to the true market economy?
United States
Most Democratic countries have what type of economic system?
Market
The government makes all economic decisions.
Command
In the system,Your parents for peanut farmers, now you have to be a peanut farmer too.
Tradition
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
