European Economics Review

The government controls what is produced, how it is produced, and who gets the products.

• command

• traditional

• market

People make what they need to survive; traditional customs and values are most important.

• command

• traditional

• market

Supply and demand in the market determine what businesses produce and how much consumer will pay.

• command

• traditional

• market

The price of goods and services are set or controlled by the government.

• command economy

• market economy

The people own private property, such as land, factories, and businesses.

• command economy

• market economy

Businesses decide what to produce, and consumers decide whether to buy the goods.

• command economy

• market economy

Some businesses, and some entire industries, are controlled by the government.

• command economy

• market economy

What countries have a mixed economy in Europe?

• Just UK

• Just Germany

• UK & Germany

• UK, Germany, & Russia

The level of wealth and material comfort available in a country?

• GDP

• GDP per capita

• standard of living

• literacy rate

The amount of goods and services produced in one year divided by the total population.

• GDP

• GDP per capita

• standard of living

• literacy rate