Economies of Europe

Multiple Choice

What is the definition of Scarcity?

• The limited supply of something.

• The unlimited supply of something.

• There is enough for everyone to have have everything.

• The source of the power of the government.

Multiple Choice

Which of the following is Not one of the Three Economic Questions?

• What to produce?

• How to produce?

• For whom to produce it for?

• What to produce it with?

Multiple Choice

In this type of economy, the customs and traditions of the past are used to answer the Three Economic Questions.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Multiple Choice

In this type of economy, the government answers all three of the economic questions.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Multiple Choice

In this type of economy, the buyers and sellers answer the three economic questions.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Multiple Choice

In this type of economy, the economy combines parts of Command and Market Economies.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Multiple Choice

This tool is used to determine how much government involvement there is in the economy. It can be represented as a number line with 0 representing Pure Command and 100 representing Pure Market.

• Economic Continuum

• Economic Numberline

• Economic Freedom Score

Economies of Germany, Russia, and the UK.

Germany has an Economic Freedom Score of 72.1 making it a mostly free economy.
Gross Domestic Product (GDP): $5.4 Trillion

​

​Germany's Economy

​Health Care
Education
Insurance
Banks
Telecommunications

​​Germany's Government Owns:

​All other industries

​​Privately Owned

Russia's Government still owns important industries and heavily regulates other industries. This is the reason the they have an Economic Freedom Score of 52.

​
Russia's GDP is $4.8 Trillion.

​Russia's Economy

​Education
Health Care
Energy Sectors
Regulates Oil and Natural Gas Companies
Banks
Television/Media Outlets

​​Russia's Government Owns:

​Oil and Natural Gas
All other Industries

​​Privately Owned:

The UK's Economy has seen more government involvement in recent years. Their Economic Freedom Score has gone from a 78.4 to 68.6.
This is part due to the government having to regulate industries that were previously regulated by the EU.
GDP: $3.7 Trillion

​The UK's Economy

​Education
Some Banks

​​Owned by the UK

​All other industries
Some industries are heavily regulated by the government.

​​Privately Owned

​Country	​Economic Freedom Score	​World Ranking	​GDP	​GDP per Capita
​Germany	​72.1	18​	$5.1 Trillion​	$64,086​
Russia​	​52	131​	$4.8 Trillion​	$33,253​
The UK	​68.6	​30	​$3.7 Trillion	$54,824​
​USA	​70	25​	$25.5 Trillion​	​$76,343