Economic Systems of Europe
What are the three basic types of economic systems?
What are traditional, command, and market economies?
What is a tariff?
What is a tax on imported goods?
Why is specialization important in trade?
What is it allows countries to produce what they can make most efficiently?
What role does literacy play in economic growth?
What is higher literacy rates improve the standard of living and workforce productivity?
Which country has a strong market economy?
What is the United Kingdom?
In a market economy, who decides what to produce?
Who are the consumers and producers?
What is an embargo?
What is a government order that restricts commerce with a specified country?
What do countries exchange in international trade?
What is goods, services, and currencies?
How does investment in education affect GDP?
What is it leads to a more skilled workforce and higher productivity, increasing GDP?
What economic system is primarily found in Russia?
What is a command economy transitioning to a mixed economy?
How does a command economy answer the question "How to produce"?
What is the government decides how to produce goods and services?
How do quotas affect trade?
What are limits on the amount of a product that can be imported or exported?
How does currency exchange facilitate trade?
What is it allows countries to trade using their own currencies?
What is GDP per capita?
What is the average income per person in a country?
Compare one similarity between the UK and Germany's economies.
What is both have strong market economies with significant government involvement?
Name a type of group that has a traditional economy.
What is any Indigenous community?
Name one benefit of trade barriers.
What is protecting domestic industries or jobs?
What organization promotes trade among European nations?
What is the European Union (EU)?
Name a natural resource important to Russia
What is oil?
Name a difference in how Germany and Russia manage their economies.
What is Germany has a more stable market economy, while Russia has more state control?
Describe a mixed economic system.
What is an economy that combines elements of both market and command economies?
Compare tariffs and quotas.
What are tariffs are taxes on imports, while quotas limit the quantity of imports?
Explain how the EU benefits its member countries.
What is it increases trade, reduces tariffs, and fosters cooperation?
How does entrepreneurship contribute to economic growth?
What is it leads to innovation, job creation, and increased competition?
Compare the GDP per capita of the UK, Germany, and Russia.
What is the UK generally has the highest GDP per capita, followed by Germany, with Russia having the lowest?