CE 11b 1/3 Economic Systems Flashcards

1

People often perform the same type of work as their parents and grandparents.

2

Countries rely exclusively on the markets to deal with the economic problem of SCARCITY.

3

What are the basic economic questions all societies must answer?

4

What determines the type of economy of a country is the extent of government involvement.

5

Each type of economy answers these three basic questions...

6

Economic decisions are based on custom and historical precedent.

CE 11b 1/3 Economic Systems