Type of Economics Flashcards
Brazil uses what type of economy? Mostly command or mostly market?
Mostly market.
Russia is to market as Cuba is to: traditional, command, or market?
Command
What is a traditional economy?
A traditional economy is one where the the customs and habits of the past are used to decide what and how the goods are produced.
What is the U.S., a command, traditional or market economy?
Market
What is a command economy?
A command economy is an economy where the government controls production and distribution in a country.
What is a market economy?
A market economy is where the people directly influence the goods and services in a country. There is minimum government control.
What is a problem of a market economy?
Prices for goods can go up very quickly if demand goes up but the supply stays the same.
What type of economy does Russia have?
A market economy with a lot of government control.
Cuba has what type of economy?
Command
Would it be easy to start a store in Cuba or not? Why or why not?
The government control the businesses and farms Not private citizens.
Canada is a command economy. True or false?
False
What type of job would you have in a traditional economy?
The job of your parents.
Define centralized.
government controlled
Would it be easier to start a business in Cuba or Canada? Why?
Canada, because it is more of a market economy and you have more freedom.
Does capitalism apply more to market or command economy?
Market.
