European Economics

Match the 3 types of Economics to their meaning.

• Tax on imports or exports

• Tariff

• Limit on imports or exports

• Quota

• Stopping trade with a certain country

• Embargo

What is one thing that protects the buyer and seller in a 100% pure market economy?

• Scarcity

• Competition

• Goods

• Services

Match the 3 types of economic systems to their definition.

• Citizens control the market

• Market

• Based off past traditions

• Traditional

• Gov controlled economy

• Command

What was created to help the economics in Europe?

• NAFTA

• United Nations

• European Union

• Treaty of Versailles

What was the main goal of the European Union?

• Free trade

• Higher tax

• War

• Best Friends

Why is Russia's Economy still struggling?

• Still trying to change from a command to mixed market economy

• Berlin Wall

• Too cold

• Cold War

Why does European Union use trade barriers to benefit the Economy?

• To punish other countries and make countries buy from home.

• To stop trade

• To get money

• Keep people from getting Covid19

Why is Russia further left on the continuum than Germany, and U.K?

• Free trade

• Gov has more control of the economy

• Citizens have control

Why was Currency Exchange created?

• Not all countries use the same currency

• Everyone uses the Euro

• Everyone uses the US dollars

• All money is equal

What is Human Captial

• A human in a Capital

• education and training

• The knowledge

• money