European Economics 12/01/14 Flashcards
Russia has transitioned from a _______ economy when it was the Soviet Union to a __________ economy today
Command & mixed
What are investments in the welfare and training of human workers called?
Human capitol
What is a currency exchange rate?
When countries compare their currencies
Except for a few areas, like healthcare, England is mostly _____________ economy.
..
Changes in Russia’s economy have resulted in _________
More private business and entrepreneurship.
Which countries economies used to be a mostly command economy during communism?
Russia, Cuba, Soviet Union
People who start and own businesses are called?
Entreprneuers
An economy that has very little government regulation and also allows for private ownership of business and properties is called a __________ economy
Market
How has the European Union contributed to trade?
Fewer political and economic barriers interfere with European trade.
Land, water, trees, fish and oil are all examples of which of the four factors of production?
Natural resources
Why do economies of Eastern European countries continue to struggle?
They had communism for years and that weakened their economy.
Factories, machines, and technology are examples of which of the four factors of production?
Capital goods
Nations that are more economically developed tend to have?
Higher literacy rates
When talking about economics, tall mountain ranges, wide oceans and thick rain forests are all examples of what?
Natural trade barriers
Government policies that limit trade are generally called?
political trade barrier
