Government & Economics Test Review Flashcards by Hilario Alvarado

Q

What are the threebasic questions that every economic system must answer?

A

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

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Q

What are the three economic systems?

A

Traditional, Command, and Market

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Q

Which economic system allows for the most individual freedom?

A

Market

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Q

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

A

Command

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Q

In which economic system do individuals do things based on customs and/or beliefs?

A

Traditional

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Q

What is the economic system of most communist countries?

A

Command

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