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World Cultures > Economics and government review > Flashcards

Economics and government 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? Who will consume them?

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2
Q

What are the three economic systems?

A

Traditional, Command, and Market

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3
Q

The former Soviet Union was an example of what kind of economic system?

A

Command

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4
Q

Which economic system allows for the most individual freedom?

A

Market

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5
Q

In which economic system do individuals do things based on customs & beliefs?

A

Traditional

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6
Q

In which economic system does the government have the most control?

A

Command

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7
Q

What is the economic system of most communist countries?

A

Command

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8
Q

How do traditional economies exchange goods?

A

Bartering

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9
Q

Which country is closest to a true Market economy?

A

United States of America

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10
Q

Most democratic countries have which type of economic system?

A

Market

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11
Q

In which system does the government make all economic decisions?

A

Command

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12
Q

In this system, your parents were peanut farmers, now you have to be a peanut farmer too.

A

Traditional

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13
Q

Most democratic countries are this.

A

Market

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14
Q

Cuba is close to having this type of system.

A

Command

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15
Q

Business (ran by private citizens) determine what goods/services are produced and how they will be made.

A

Market

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16
Q

Which economic system uses Bartering instead of money?

A

Traditional

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17
Q

Communist countries are closely related to this economic system.

A

Command

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18
Q

Businesses make economic decisions, but the government regulates them to make sure they’re safe/fair.

A

Market

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19
Q

Australia’s economic system is close to this.

A

Market

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20
Q

A literate person is one who can?

A

Read and write

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21
Q

What does “literacy rate” mean.

A

The percentage of people who can read and write at the age of fifteen or older

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22
Q

Is the literacy rate of most European countries high or low?

A

High

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23
Q

Why do you think it is this way?

A

Invested in human capital

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24
Q

What is the standard of living?

A

Measures how well-off people are in a country

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25
Q

Draws arrows to represent the relationship between literacy rate and the standard of living.

A

If one is high the other is too, if one is low so is the other

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26
Q

Describe the “cycle of poverty”

A

Once a community reaches poverty it is basically stuck there for generations

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27
Q

What things can a literate person expect to have in his or her life?

A

A high standard of living

28
Q

What are the two types of government?

A

Limited and unlimited

29
Q

Which type of government limits government power and prevents it from taking advantage of people?

A

Limited government

30
Q

What are the two types of limited government?

A

Direct and representative

31
Q

Give an example of a limited government ruler

A

President, constitutional monarchy

32
Q

Which type of government is not limited by any laws?

A

Unlimited

33
Q

Give an example of an unlimited government ruler

A

Dictator, absolute monarchy

34
Q

What are the three basic questions that every economic system must answer?

A

What goods/services are produced? How will they be made? Who will consume them?

35
Q

What are the three economic systems?

A

Traditional, Command, and Market

36
Q

The former Soviet Union was an example of what kind of economic system?

A

Command

37
Q

Which economic system allows for the most individual freedom?

A

Market

38
Q

In which economic system do individuals do things based on customs & beliefs?

A

Traditional

39
Q

In which economic system does the government have the most control?

A

Command

40
Q

What is the economic system of most communist countries?

A

Command

41
Q

How do traditional economies exchange goods?

A

Bartering

42
Q

Which country is closest to a true Market economy?

A

United States of America

43
Q

Most democratic countries have which type of economic system?

A

Market

44
Q

In which system does the government make all economic decisions?

A

Command

45
Q

In this system, your parents were peanut farmers, now you have to be a peanut farmer too.

A

Traditional

46
Q

Most democratic countries are this.

A

Market

47
Q

Cuba is close to having this type of system.

A

Command

48
Q

Business (ran by private citizens) determine what goods/services are produced and how they will be made.

A

Market

49
Q

Which economic system uses Bartering instead of money?

A

Traditional

50
Q

Communist countries are closely related to this economic system.

A

Command

51
Q

Businesses make economic decisions, but the government regulates them to make sure they’re safe/fair.

A

Market

52
Q

Australia’s economic system is close to this.

A

Market

53
Q

A literate person is one who can?

A

Read and write

54
Q

What does “literacy rate” mean.

A

The percentage of people who can read and write at the age of fifteen or older

55
Q

Is the literacy rate of most European countries high or low?

A

High

56
Q

Why do you think it is this way?

A

Invested in human capital

57
Q

What is the standard of living?

A

Measures how well-off people are in a country

58
Q

Draws arrows to represent the relationship between literacy rate and the standard of living.

A

If one is high the other is too, if one is low so is the other

59
Q

Describe the “cycle of poverty”

A

Once a community reaches poverty it is basically stuck there for generations

60
Q

What things can a literate person expect to have in his or her life?

A

A high standard of living

61
Q

What are the two types of government?

A

Limited and unlimited

62
Q

Which type of government limits government power and prevents it from taking advantage of people?

A

Limited government

63
Q

What are the two types of limited government?

A

Direct and representative

64
Q

Give an example of a limited government ruler

A

President, constitutional monarchy

65
Q

Which type of government is not limited by any laws?

A

Unlimited

66
Q

Give an example of an unlimited government ruler

A

Dictator, absolute monarchy

World Cultures (1 decks)

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