Flashcard 1 Review

Front

What is an economic system where only the government makes the economic decisions?

Back

command or planned economy

Front

What type of economy do most countries in the world have?

Back

Mixed economy

Front

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

Back

Command

Front

The government has little to no role in the production of goods in this type of economy.

Back

Market

Front

Based on traditions

Back

Traditional

Front

Businesses have freedom to produce whatever they think consumers will buy

Back

Market

Front

What are the three economic questions?

Back

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

Front

Each society must determine how to best use its_______

Back

People, Land, Natural Resources

Front

Economics can be described as the study of

Back

Choices

Front

The condition of scarcity can be described as one that exists when our unlimited needs/wants exceed our limited resources

Back

exists when our unlimited needs/wants exceed our limited resources