Europe Governments & Economics Flashcardizz

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An economic system where the government tells people what jobs they will have and what prices they will pay is called a...

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Command Economy

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Economic system based on custom, traditions and the past

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Traditional

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In a command economy, decisions about what, how and for whom to produce are determined by:

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the government

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The economic system of communist countries is most closely related to a_______________________________because the government makes all of the economic decisions.

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Command Economy

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All world economies can be measured on a line called

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Economic Continuum

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forbid trade with another country.

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Embargo

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Taxes placed on imported goods are: quotas, tariffs, embargoes

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tariffs

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Anyone who buys a good or service.

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Consumer

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The total value of goods and services produced in a country in a year.

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GDP

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Which country in the diagram has the LEAST free economy? Options: US, United Kingdom, Germany, Cuba

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Cuba