European Economics

What is a market economy?

• an economy where the government controls the production and distribution of goods and services

• an economy where people have private ownership of businesses, and they control supply and demand of goods and services

• people grow/make what they need to survive

Ukraine was controlled by what country for 50 years after WWll

• Germany

• Soviet Union/Russia

• France

What is a Embargo?

• When a country refuses to trade with another

• When a country puts taxes on supply's being shipped to another country

In a command economy, how are the prices of goods and services determined?

• supply and demand

• the government

Most economies in the world are....

• market

• mixed

• command

How does a traditional economy work?

• government controlled

• supply and demand o consumers

• people create what they need to survive

Which of the following

is found in a market economy?

• competition

• government controlled industry

• guaranteed yearly pay raise

Which term best describes an economic system in which the people – not the government – own land, factories, and businesses?

• communism

• command

• market

• traditional

Which of the following would reflect a country with a mixed economy?

• government controlled industry

• a combination of privately owned business and government controlled industry

To increase a countries GDP’s (Gross Domestic Product) ...

• countries should invest in natural resources

• countries should invest in human capital, such as education and skill training

• countries should increase government control