NKE Flashcards
1
Q
What are the three economic questions that every country must answer?
A
What to produce, how to produce, for whom to produce.
2
Q
How do members of a traditional economy trade goods?
A
They barter.
3
Q
How does a command economic system answer the three economic questions?
A
The government makes all decisions.
4
Q
Give an example of a pure market economy.
A
There is no pure market economy in practice.
5
Q
What type of economic system do most democratic countries have?
A
Mixed economy.
6
Q
Which country has the most diversified economy in the Middle East?
A
Israel.
7
Q
What have been challenges to Israel’s economy?
A
It has faced various economic challenges.
