Latin American Economics 1

Front

What is an economy?

Back

The way people make and spend money.

Front

Three economic questions every country must answer: What should be made?

Back

What should be made?

Front

Three economic questions every country must answer:

Back

How will we produce what we decide to produce?

Front

Economic question every country must answer: Who will consume what is produced?

Back

Who will consume what is produced?

Front

Four types of economies:

Back

command, traditional, mixed, market

Front

Economic decisions in a traditional economy are made by:

Back

the tribe or group

Front

Economic decisions in a command economy are made by:

Back

the government

Front

Economic decisions in a market economy are made by:

Back

buyers and sellers

Front

Economic decisions in a mixed economy are made by:

Back

the buyers and sellers, and the government

Front

Factors influencing economic growth:

Back

Natural resources, human capital, capital goods, entrepreneurship.