Economic System
values and traditions have been passed down from generation to generation.
What is Traditional
When an economy is closer to zero on the economic continuum, it closer to what economic system?
What is command?
The UK has this economic system that is 79% and 11% command
What is Mixed?
True or False: It collects high taxes to provide services for its poorer citizens.
What is True
Mixed, much closer to market than command
What is the UK?
The government regulates all the country’s economic decisions: prices of goods, wages of workers, goods to be made,
What is Command
When an economy is closer to 100 on the economic continuum, it closer to what economic system?
What is Market?
Since 1979, the government has given up a lot of control and are now under private ownership
What is companies?
German citizens enjoy a what (low, medium or high) level of economic freedom.
What is high?
Mixed, moving closer to market and away from command
What is Germany?
This system is very harsh to live under; because of this, there are no PURE command countries in the world today.
What is Command?
A vote by the people for the United Kingdom to
eventually withdraw from the European Union
What is Brexit?
The UK's economy is very strong; it is one of the world's leaders in this.
What is industrialization?
True or False: Germany’s government also sets the price of some goods and services.
What is True
Mixed, moving closer to market and away from command since fall of Soviet Union in 1991
What is Russia?
Most democratic countries have some characteristics of both systems, so we keep it simple and call them
What is Mixed?
What do you call a private citizen starting and operating a business. The former Soviet
Union was a command economy.
What is Entrepreneurship?
The UK's government play what kind of role in their economic planning
What is very limited?
True or False: Germany is the largest, most developed economy in Europe
What is True?
High taxes; regulates industries like telecommunications, agriculture, & energy; also sets prices of some goods and services
What is Germany?
The government has no control over the economy; private citizens answer all economic questions
What is Market?
In a traditional economy, trading without money is called what?
What is trading Bartering?
True or False: the UK's main areas of the economy are services, manufacturing, and
construction.
What is True?
True or False: Germany does not provide economic help to countries in the European Union.
What is False?
Generally free to make economic decisions themselves; citizens have ability to decided what to produce based on supply & demand Own much of the land, resources, and factories
What is the UK?