Unit 4: Europe’s Economic Systems Powerpoint Jeopardy! Unit 4: Europe’s Economic Systems

Comparing European Economies Categories Economic Systems Trade Barriers Economic Growth Comparing European Economies Miscellaneous 10 20 30 40 50

The economic system of most communist countries is: Market Traditional Command Mixed Category 1 - 10

Which of the following is NOT one of the questions that every economic system must answer? What to produce? How to produce? Who’s going to produce it? For whom to produce? Category 1 - 20

What is found in a market system, and not a command or traditional system? Free labor Free enterprise Government control of industry Bartering

Economic decisions based on customs & beliefs are found where? Command economy Free enterprise Market economy Traditional economy

Which of the following best describes a market system? The government provides services, such as telephones & televisions. A person can start any legal business & charge any price. The government provides food & housing to all workers. National businesses are owned by the workers.

The number limit on how many items of a particular product can be imported from a country is the: Quota Embargo Tariff Demand

Which is NOT an economic trade barrier? Mountain Tariff Quota Embargo

What is an example of a physical trade barrier? Mountain Tariff Quota Embargo

NAFTA was designed to promote free trade between the US, UK, and Germany. Canada, and Germany. Mexico, and UK. Canada, & Mexico.

When a government decides to increase a tariff, it increases the tax on People’s incomes. natural resources. Imported goods. People’s property.

Which economic term best describes sending goods to another country & getting goods from another country? Buying and selling Supply & demand Productions & consumption Importing & exporting

A product of the earth that people use to meet their needs is a Good. Natural resource. Capital good. Service.

What is an example of human capital? Roads Education Factories Machinery

What is an entrepreneur? A leader of a country. A person who starts a business. A worker in a factory. A student in college.

What is this statement referring to: “Our workers must be prepared for the high-tech jobs of the 21st century. My plan will give incentives to companies who provide technology education & training to increase the skills of the employees.” Foreign exchange Capital goods Human capital Free enterprise

What is this statement referring to: “Our workers must be prepared for the high-tech jobs of the 21st century. My plan will give incentives to companies who invest in up-to-date computers, new office buildings, & wireless communications systems.” Foreign exchange Capital goods Human capital Free enterprise

Which country has a command economy? Germany Canada United Kingdom Soviet Union

Russia has a mixed economy Russia has a mixed economy. It’s economy has moved away from command & closer to market since 1917. 1922. 1991. 2001.

What do the economic systems of the United Kingdom, Russia, & Germany have in common? All are pure market economies. All are mixed economies All are command economies All are traditional economies

How do Russia’s harsh climate, size, & few navigable rivers affect its economic development? Russia is the richest nation on earth. The land in Siberia is easy to farm. Russia’s natural resources are difficult to use. Russia can easily transport goods to Asia.

Which statement best describes the economic system of the Soviet Union? The central government planned the economy for the entire nation. Its economics were controlled by the global economy. Individuals made economic decisions based on supply & demand. Workers made most of the economic decisions for the country.

Which country is closest to having a pure Market economy? Cuba Russia USA Germany

Which economic term is defined as the exchange of goods & services without using money? Barter Profit Investment Import

What type of economic system do most democratic countries have? Command Traditional Market Mixed

Which economic system is based on individual choice? Command Traditional Market Mixed

Which economic term is used to describe a lack of a particular resource, such as water, food, or oil? Supply Demand Scarcity Surplus

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