UK, Germany, Russia
This describes the economic system of Germany.
What is a mixed economy that leans towards market?
Entrepreneur's businesses do this for the people of a country.
What is create jobs?
This is how Literacy Rate affects the Standard of Living in Europe.
What is High Literacy Rate = High SOL?
Low Literacy Rate = Low SOL?
More High Paying Jobs
The least restrictive trade barrier we discussed.
What is a Tariff?
This economic system puts the MOST value on economic decisions made by people in the past.
What is Traditional Economy?
The U.K. has a mixed economy that leans market so the people decide these three questions.
What is What to Produce? How to Produce? For Whom to Produce?
This is what it is called when a country invests in their factories, machines, technology, tools, equipment, and any other man-made goods.
What is investing in Capital Goods?
If a country has a high literacy rate then that country most likely has this also.
What is a high standard of living?
The most restrictive trade barrier we discussed.
What is an Embargo?
Entrepreneurs have the most freedom in this economic system.
What is Pure Market Economy?
This is how Russia's economic system is different from Germany.
This is considered a benefit of a country controlling a large volume of natural resources.
What is the country will depend less on trade with other nations?
What is Human Capital?
A country that chooses to specialize in producing a specific good is trying to do this.
What is sell/trade that good to other countries?
What is Pure Command Economy?
These countries are in this order on the economic continuum.
Explain through drawing.
These are the four factors of economic growth in Europe.
What is Capital Goods, Human Capital, Natural Resources, and Entrepreneurship?
This is the relationship between investment in education and national wealth.
What is the higher the investment in education, the higher the wealth of the country?
This is the purpose of a currency exchange system.
What is to allow trade between countries?
This is who decides how goods are produced in a command economy.
What is the government?
The percentage range that describes the government control for economies in most Western European countries.
What is economies that have more than 10% control but less than 50% control?
A country reduces business taxes, cuts regulations, and reduces the time it takes to start a new business if they want to increase this in their country.
What is Entrepreneurship?
You can do this with capital goods to boost your country's GDP.
What is invest in Capital Goods to produce additional goods?
The European Union has many positive features. This is one of those benefits for the member countries.
What is a common currency/the euro?
What is free trade/travel/open borders?
What is no tariffs/taxes on goods?
This is the percentage range of the free market for most of Europe's mixed economies.
What is 50% to 90%?