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
Canada produced and traded more goods this year than last year so the total value of everything made in Canada in a year increased. Canada experienced a growth in its ____________.
ADP
Which nation has the largest economy in Europe?
Germany
The literacy rate in Europe is?
..
What is literacy rate?
The percentage of people who can read and write
What is a traditional economy?
When people only make what they need to survive
Since many countries in Europe are landlocked, what has become an important way for them to trade for thousands of years?
Rivers
The rate at which a country develops economically is?
Economic growth
Which of the following people would most likely have the highest literacy rate?
German citizens living in Berlin.
The economics of Germany and England
Gain a lot of revenue from tourism
Jack lives in the United States. He wants to start his own business. Jack opens a coffee shop in his home town. What is Jack called?
An entrepreneur.
