Economic Systems
What questions do economic systems answer?
What to produce, how to produce and for whom to produce.
What is an entrepreneur?
A person who takes a risk to start/open a business
What is the total amount of goods and services produced in a country in a year?
GDP (Gross Domestic Product)
Country east of Pola
Ukraine
Name ther Peninsula in Northern Europe
Government has control
Command
Entrepreneurs are taking a risk in order to earn a
Profit
The percentage of people who can read and write in a country is
Literacy Rate
Largest country on the European political map
Russia
Name all 3 Mountain Ranges we have located in Europe
Pyrenees, Alps, Ural
Consumers decide what to produce and what to buy
Market
Why is entrpreneurship a risk?
A profit is not guaranteed
If a country has a high GDP and Literacy Rate then that country will have a high
Standrd of Living
Boot shaped country in southern Europe
Italy
Which Ocean in Europe is closest to Russia?
Atlantic
Based on a combination of command and market
Mixed
Entrepreneurs take ________
Risks
People who take a risk to provide goods and services to help the economy
Entrepreneurs
This country is an island in western Europe
United Kingdom
Spain and Portugal make up what physical feature in Europe
Iberian Peninsula
Barter is used in this economic system
Traaditional
How are entrpreneurs important to a country's economy?
They provide goods and services to help the country grow.
Capital Goods/Human Capital
Country west of Poland
Germany
This area in Europe is flat an grassy. It stretches across the Euopean continnent.
European Plain