Europe Economics Review

One of the goals of the European Union is to make trade more expensive

Low literacy rate = high standard of living

natural resources can help the economy because they can be traded as exports

If a factory is owned by the government this is an example of a COMMAND element

The European Union is best described as a

The higher GDP Per capita, the higher the standard of living

updating factories, machinery, and infrastructure are an investment in

Which of the following is an investment in human capital

How do countries choose what to specialize in?

Russia's economy has more traits of a command economy than market economy

Buildings, factories, machines, tools, technology, equipment etc

investing in human capital would increase the GDP per capita

Of the 3 countries (UK, Germany, and Russia) which falls closest to command on the continuum?

The type of economy where people use what they have and create only what they NEED for survival

In which type of economy do individuals and businesses have the most economic freedom?

Of the 3 countries (UK, Germany, and Russia) which falls closest to Market on the continuum?

The government decides how resources will be used

high literacy rate = high standard of living

What type of economy do MOST countries around the world have

What do we call it when an economic system is based of both supply and demand AND some government influence?

The increase of everything produced in a country from one year to the next

Someone who comes up with new ideas to produce a good or provide a service

Which type of economic system does the government have the MOST control?

The total value of all goods and services produced in a country in one year

what is a reason it may be challenging or take longer to start a business in Europe

A high literacy rate typically = low standard of living

It is easier to become an entrepreneur in which type of economic system