Economics and Government Review

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

• Command Economy

• Market Economy

• Barter Economy

What are the 3 basic economic Questions all economies must answer:

• Who? What? When? Where?
• I? D? K?
• What to produce? How to produce? For whom to produce?

What are the three basic economic systems:

• Command, Traditional, Market
• Autocracy, Democracy, Holland
• UK, Euro, Dollar

Economic system based on custom, traditions and the past

• Command
• Market
• Traditional 

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

• the government

• cultural; traditions

• supply and demand

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

•  cashier
• entrepreneur
• capitalist
• proprietor

What do the economic systems of the UK, Germany, and Russia have in common?

• all are examples of pure market economies

• all are examples of mixed economies

• all are examples of traditional economies

• all are examples of command economies

The economic system of communist countries is most closely related to a_______________________________because the government makes all of the economic decisions.

• Market Economy

• Command Economy

• Mixed Economy

• Traditional Economy

All world economies can be measured on a line called

• Economic Time Line

• Economic Continuum

• Economic Number Line

• Economic graph

                forbid trade with another country.

• Quotas
• Embargo
• Tariff