European economics

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An economic system where the government tells people what jobs they will have and what prices they will pay is called a...

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Command Economy

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What are the 3 basic economic questions all economies must answer?

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What to produce? How to produce? For whom to produce?

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What are the three basic economic systems? Options: Command, Traditional, Market, Autocracy, Democracy, Holland, UK, Euro, Dollar

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Command, Traditional, Market

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Economic system based on custom, traditions and the past

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Traditional

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Economy based on what their parents have always done and what their parents have always done etc etc

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traditional

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Trading without using money is called?

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Bartering

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Government controls all aspects of economy
Example: The government owns most of the property, sets the prices of goods, determines the wages of workers, plans what will be made…everything 

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command

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A country with complete economic freedom and no government control would be: command, market

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market

Front

In a command economy, decisions about what, how and for whom to produce are determined by:

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the government

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A person who takes a risk to start a business. Ex. Bill Gates, founder of Microsoft

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entrepreneur