LA Econ REVIEW

What type of economy is Cuba closest to?

• Command

• Market

• Traditional

What type of economy is Mexico and Brazil closer to?

• Command

• Market

• Traditional

People own their own goods and property; producers are free to decide what goods and services to make and what prices to charge.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

People simply follow tradition and do whatever their ancestors did (example- If grandfather and dad were fisherman, then son will be a fisherman).

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Materials found in nature such as trees, oil, minerals and water.

• Human Capital

• Capital Goods

• Natural Resources

• Entrepreneurs

Which of the following is NOT one of the three questions asked when determining a country's economic system?

• What goods/service will be produced?

• Where are goods/services produced?

• How will goods/services produced?

• Who will consume the goods/services produced?

In which economic system does the government decide what is produced?

• traditional

• command

• market

In which economic system do private businesses and/or citizens decide what is produced?

• traditional

• command

• market

What is GDP?

• a portion of the goods/services produced in a country for a year

• total number of imports/exports in a country for a year

• total value of goods/services produced in a country for a year

Which of the following countries has the least freedom to do business?

• Brazil

• Cuba

• Mexico