Govt. & Economics Test Review Flashcards by Lucian Wade | Brainscape

Q

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

A

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

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Q

What are the three economic systems?

A

Traditional, Command, Market

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Q

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

A

Command

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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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