governemt and economic test review Flashcards
1
Q
What are the 3 basic questions theat every economic system must answer?
A
What goods/services are produced? How will they be made? Who will continue them?
2
Q
What are the 3 economic systems?
A
Traditional, command, and market
3
Q
A literate person is a person who can
A
Read and write
4
Q
What does literacy rate mean
A
The percentage of the population that can read and write over 15
5
Q
What is standard of living
A
How well off the population is
6
Q
What are the two types of government
A
Unlimited and limited
7
Q
Describe the “cycle of poverty”
A
If a community hits poverty it takes generations to get out
8
Q
Which economic system uses bartering instead of money
A
Traditional
9
Q
Is the literacy rate of most European countries high or low
A
It is high
