Europe's Economic Systems

Multiple Choice

Do you remember the three questions that every country must answer when developing its economic plan?

• What, How , To

• Who, What, How

• How, Do, Maybe

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What are the three economic systems.

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Market economy

Command Economy

Traditional Economy

Barter System

Gift Economy

Planned Economy

Multiple Choice

Which of the following best describes a traditional economic system?

• It is based on customs and beliefs passed down from generation to generation.

• It is controlled by the government.

• It is based on supply and demand in the marketplace.

• It is focused on technological innovation.

Multiple Choice

How does the lifestyle of the tribe in northern Russia reflect the characteristics of a traditional economy?

• They depend on hunting, fishing, and herding reindeer just as their ancestors did.
  

• They use supply and demand to decide what goods to produce and sell.

• The government sets wages and tells them what to produce.

• They trade freely with other countries around the world.

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Who decides " how to produce" in a command economy?​ ​

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Government decide

Traditional society decide

Consumers decides

Children decides

Multiple Choice

In a command economy, who makes the major economic decisions such as prices of goods and wages of workers?

• The government

• Private citizens

• Religious leaders

• International organizations

Multiple Select

Which of the following countries have had economies that are close to a pure command system?

• North Korea

• Cuba

• United States

• United Kingdom

Categorize

Options (16)

Everyone has a job and receives wages.

• The government makes sure housing and food are provided.

• Workers cannot choose freely what crops to grow.

1. Goods are often poor quality or hard to find.

People have access to healthcare services.

Education is provided for all children.

Public transportation is available and affordable.

Community programs support local businesses.

There are opportunities for personal development and growth.

Environmental protections are in place to preserve nature.

People face discrimination in the workplace.

Access to clean water is limited in some areas.

High levels of pollution affect health and quality of life.

Many families struggle to afford basic necessities.

Crime rates are increasing in urban areas.

Public services are underfunded and inadequate.

What are some possible advantages and disadvantages of living under a command economy, as seen in the collective farm in the Soviet Union?

Postive

Negative

Multiple Choice

What is one major risk of having a truly free market economy, as described in the slide?

• There would be no laws to ensure goods/services are safe.

• The government would control all businesses.

• Workers would have guaranteed job security.

• Taxes would be very high.

Multiple Choice

What best describes a mixed economy?

• An economy that incorporates elements of both market and command economies.

• An economy that relies solely on government control.

• An economy that is entirely based on free market principles.

• An economy that has no regulation or oversight.

Multiple Choice

Why are there no countries with a purely free market or purely command economy?

• Because all countries have some government involvement and some market freedom.

• Because most countries are dictatorships.

• Because the United Nations requires mixed economies.

• Because only developing countries have pure economies.

Open Ended

Based on the map of economic freedom, which regions of the world tend to have higher economic freedom scores?

Poll

Based on each statement, decide where that country would fall on the economic continuum (from Command Economy on the left to Market Economy on the right).

•United Kingdom has a mixed economic system that is about 79% free and 11% command.

•Germany has a mixed economic system that is about 73% free and 27% command.

•Russia has a mixed economic system that is about 59% free and 41% command.

• United Kingdom: C

  Russia: A

  Germany: B

• United Kingdom: A

  Russia: C

  Germany: B

• United Kingdom: F

  Russia: A

  Germany: R

• United Kingdom: B

  Russia: A

  Germany: D

Multiple Choice

Which of the following statements about European economies is correct?

• Most European countries have mixed economies closer to a pure market economy.

• Most European countries have pure command economies.

• Most European countries have no government involvement in their economies.

• Most European countries have pure market economies.

Multiple Choice

Which of the following best describes the United Kingdom's economic system?

• A mixed economic system with mostly free market elements

• A purely command economy

• A traditional economy

• A purely free market economy

Multiple Choice

What major change occurred in the ownership of companies in the United Kingdom since 1979?

• They became privately owned, increasing free market competition

• They were nationalized by the government

• They merged with foreign companies

• They were closed down by the government

Multiple Select

Which of the following are roles played by the United Kingdom's government in the economy?

• Regulating trade

• Providing some services

• Collecting taxes

• Controlling all businesses

Open Ended

Explain how economic freedom is maintained in the United Kingdom's mixed market economy.

Open Ended

Compare the economic systems of the United Kingdom and Germany based on what you have learned so far.

Multiple Choice

Which of the following best describes Germany's economic system after reunification in 1990?

• A mixed economic system with mostly free market elements

• A purely command economic system

• A purely free market system

• A traditional economic system

Open Ended

Explain how the level of economic freedom in Germany affects both individuals and businesses.

Multiple Select

Which of the following are ways in which the German government is involved in the economy?

• Collects high taxes to provide services for poorer citizens

• Heavily regulates some industries

• Sets the price of some goods and services

• Allows businesses to operate without any regulations

Multiple Select

Describe two major challenges Russia has faced as it transitions from a command economy to a mixed market economy.

• Upgrading old manufacturing plants and industries to modern standards

• Russia had too many natural resources and didn’t know how to use them.

• more efficient standards

• Citizens were upset because the government gave them too much economic freedom.

Multiple Choice

How does the Russian government balance economic freedom and regulation for its citizens and industries?

• By allowing complete economic freedom with no regulations

• By strictly controlling all aspects of the economy with no private ownership

• By permitting some private property and economic decisions while maintaining control over key industries and regulations

• By letting foreign corporations control the economy

Drag and Drop

What are the three fundamental questions every country must answer when developing its economic plan? ​​

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3 Economic Questions

What is the capital of the country?

How many languages are spoken?

What is the population density?