Government And Econimic Test Review Flashcards
1
Q
What are the three basic questions that every economic system must answer?
A
What goods/services are produced? How will that be made? Who will consume them?
2
Q
What are the three economic systems?
A
Traditional, command, and market.
3
Q
A literate person is one who can…
A
Read and Write
4
Q
What does literacy rate mean?
A
Percentage of population that can read and write over the age of 15.
5
Q
What is the standard of living?
A
How well off the population is.
6
Q
Draw arrows to represent the relationship between literacy rate and standard of living…
A
If one is high the other one is too. If one is low so is the other.
7
Q
Describe the “cycle of poverty”…
A
If a community hits poverty it takes generations to get out.
