SWA Economics Study Guide

Front

What connection can be made about the relationship between national wealth and literacy?

Back

Literacy is always higher in wealthy countries.

Front

In a traditional economy, how are economic decisions made?

Back

custom and habit

Front

In a command economy, how are economic decisions made?

Back

the government

Front

Which would be a problem in a command economy?

Back

individuals trying to start a new business

Front

Who takes on the financial risk in starting a new business in a market economy?

Back

individual business people

Front

Why are all modern economies referred to as mixed?

Back

each country in the world has aspects of both command and market

Front

Why do most economies in the world today operate somewhere between a market and command economy?

Back

Most economies have found they need a mix of free market and some government control to be successful.

Front

what is economic specialization?

Back

producing those goods a country can make most efficiently to sell for profit

Front

Saudi Arabia specializes in the production of ___________.

Back

oil

Front

what is tariff?

Back

tax on imports