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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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SE5 Review
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1
How has Israel made up for their lack of natural resources?
refused to import oil, saving thousands per year
developed strong technology companies
put everyone to work and eliminated unemployment
2
Generally, what happens to a country's GDP when the country has a high literacy rate?
the GDP does not depend on the literacy rate
the GDP usually decreases
the GDP usually increases
3
What is an example of a physical trade barrier?
human capital
small river
quota set by a country's government
4
The economies of Israel, Saudi Arabia, and Turkey could best be described as:
command
market
mixed
5
Who takes on the financial risk in starting a new business in a market economy?
individual business people
consumers
government planners
6
In a traditional economy, how are economic decisions made?
custom and habit
consumers and the market
government planners
7
Which country's economy is based on oil?
Saudi Arabia
Turkey
Isreal
8
What two economic systems are included in the "mixed" category?
market & traditional
command & traditional
command & market
