LA Econ Review

One indicator of a county's Standard of Living is?

• Average age

• Percent of voters

• Literacy Rate

What is being described?

• uses their own time
• uses their own money
• starts a business
• risk in order to make a profit

• free enterprise

• mixed economy

• entrepreneur

• specialization

Which country do individual citizens have the most impact on the 3 Economic Questions? ( “What to produce?,” “How to produce it?,” and “For whom to produce?” )

• Cuba

• Brazil

• Mexico

• Argentina

An______ is a person that taskes a risk to start a buisness

• Budget
• Entrepeuner

The cotton used to make jeans is what type of productive resource?

• Capital
• Natural
• Human 

A computer is what type of productive resource?

• Capital
• Natural
• Human

The economics continuum shows us –

• The command economy’s level of power in government.

• The amount of money each country produces in a year.

• How much government or individual control is given in a country’s economic system

• The total dollar amount of goods and services produced by a country in a single year.

Economic questions can tell you:

• What to produce

• How to produce it

• For whom to produce it

• All of the above

What type of economy is Cuba closest to?

• Command

• Market

• Traditional

What type of economy is Mexico and Brazil closer to?

• Command

• Market

• Traditional