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Types of Economies
Question | Answer |
---|---|
What are the three questions countries ask when determining their economy? | What to produce? How to produce? For Whom to produce? |
What are the three main type of economies? | Traditional, Command, Market |
What type of economy consists of both command and market? | Mixed |
What economy is made up of customs and beliefs? | Traditional |
What economy does the government control everything? | Command |
What type of economy is based on supply and demand? | Market |
What type of economy is mixed but closet to command economy? | Cuba and North Korea |
What country is closest to pure market economy? | Australia |
All democratic countries in the world have this type of economy? | Mixed |
Communist countries like the former Soviet Union and Cuba have this type of economy. | Command |
Indigenous groups like the Aztecs, Inuits, Incas, and Aborigines have this type of economy. | Traditional |
Not having enough resources (limited supply of something) | scarce (scarcity |