Unkown Flashcards
1
Q
Economic system
A
A that a country chooses to allocate its resources and distribute its goods and resources
2
Q
Economic problem
A
A way to meet the endless needs of people with limited resources
3
Q
Planned economy/ command economy
A
All decisions are about production and consumption of goods and services by government
4
Q
Market economy
A
Land property and businesses are owned by people. Goods and services are determined by supply and demand
5
Q
Mixed economy
A
A mixture of private and government control of the economy
6
Q
Global economy
A
How are the economies of most of the countries in the world have become connected
7
Q
Examples of planned economy
A
North Korea, Iran, China
8
Q
Examples of market economy
A
USA, England, Japan
9
Q
Examples of mixed economy
A
Germany, France, Russia
