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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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StudBud Administration
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SE5 Review
Flashcards
8 cards
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Questions
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Answers
1
The economies of Israel, Saudi Arabia, and Turkey could best be described as:
mixed
command
market
2
What two economic systems are included in the "mixed" category?
market & traditional
command & traditional
command & market
3
Who takes on the financial risk in starting a new business in a market economy?
individual business people
consumers
government planners
4
What is an example of a physical trade barrier?
human capital
quota set by a country's government
small river
5
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 increases
the GDP usually decreases
6
In a traditional economy, how are economic decisions made?
government planners
consumers and the market
custom and habit
7
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
8
Which country's economy is based on oil?
Isreal
Saudi Arabia
Turkey
