Europe Economics

What advantage does a pure market economy have?

• There's no use of money involved only bartering

• Skill are passed down from generation to generation

• Economic growth is slower than the other types of economic system

• Experience more economic growth than the other types of economic systems

What best describes a traditional economy?

• People learn a new skill and job different than their parents; lots of technology is used

• Jobs and skills are passed down from generation to generation; no modern technology; basic needs are met

• Everything is done with high technology; money isn't used but debit and credit cards are

What would cause a country's economy to move to the command side (left) on the economic continuum?

• Less government involvement such as laws being removed to stop poorly made products from being sold

• More government involvement such as laws created to stop poorly made products from being sold

What type of economic system are most countries around the world, including Europe?

• Traditional Economic System

• Command Economic System

• Marked Economic System

• Mixed Economic System

Which country leans closer to the command side on the economic continuum?

• United Kingdom

• Germany

• Russia

What has been happening to Russia's economy since the collapse of the Soviet Union?

• Moving closer to the pure command

• Moving closer to the pure market side

• Moving closer to a traditional economy

This country has the most government involvement in its economy with many government regulations

• United Kingdom

• Germany

• Russia

Russia produces more steel than Germany and the United Kingdom combined. What industry does Russia most likely specialize in?

• Furniture production

• Steel production

• Car production

• Cotton production

What is one reason trade barriers are used?

• Protect foreign competition

• Protect domestic products and businesses

• Lower prices on foreign competition

This was created to encourage free and voluntary trade between European members; no trade barriers are used

• European Union

• North American Free Trade Agreement

• North Atlantic Treaty Organization