Govenment And Economics Test Review Flashcards
1
Q
What are the three economic systems?
A
Traditional, Command, Market
2
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?
3
Q
Which country is closest to a true Market economy?
A
The United States.
4
Q
How do traditional economies exchange goods?
A
Bartering
5
Q
Most democratic countries have which type of economic system?
A
Market Economy
6
Q
What is a literate person?
A
A literate person is someone who can read and write.
7
Q
What does literacy rate mean?
A
Percentage of population that can read and write over 15 years old.
8
Q
Is the literacy rate of most European countries high or low?
A
The literacy rate is high in Europe.
