Test Review Oct 1 Flashcards
1
Q
What are the three basic questions that every economic system must answer?
A
What goods/services are produced? How will they by made? Who will consume?
2
Q
What are the three economic systems?
A
Traditional, command, market
3
Q
A literate person is one that can
A
Read and write
4
Q
What does literacy rate mean
A
The percentage of population that can read and write over 15
5
Q
What is standard living
A
How well off the population is
6
Q
What are the 2 types of Govt.
A
Limited and unlimited
