Eurozone + GFC + extra

Question 1

What is the euro?

Answer 1

It is not just a currency, its and expression of a political ideal.

Question 2

Why was the euro created?

Answer 2

It was created after World War II as a symbol to show the unity in Europe and show the want to never have the continent come to blows like it did during World War II. The idea was that getting nations to trade and share institutions would make them less likely to go to war.

Question 3

How many member are there of the european union?

Answer 3

28

Question 4

How many EU member states are also part of the eurozone?

Answer 4

19 (These are the European Union states which have adopted the Euro as their sole currency.

Question 5

Which members of the European Union do not use the Euro?

Answer 5

Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden and United Kingdom.

Question 6

Why have some countries decided not to use the euro?

Answer 6

Some have not yet been allowed to join because their economies are weak, other nations have chosen not to for political and domestic reasons.

Question 7

What countries use the euro?

Answer 7

. Austria
. Belgium
. Cyprus
. Estonia
. Finland
. France
. Germany
. Greece
. Ireland
. Italy
. Latvia
. Lothuania

Question 8

What is the eurozone?

Answer 8

This is the economic region formed by those member countries of the European union that have adopted the Euro. The euro (€) is the official currency of 19 out of the 28 member nations.

Question 9

What is the european debt crisis?

Answer 9

This occurred from 2008 to 2012 and is an example of how a regional shock can work go the detriment of not only neighbouring countries, but also the global economy.

Question 10

How dod the european debt crisis start?

Answer 10

It has its roots in the global downturn of 2008 and prior to that. - - Countries such as Greece, Spain and Italy failed to moderate their government deficits.
- In 2008-2009, already debt-riddled European countries engaged in a stimulus mission they couldn’t afford. (Increasing gov. budget deficits)

Question 11

What is meant by the european debt crisis?

Answer 11

This refers to Europe’s inability to pay the debts it built up in recent decades. It grew out of the U.S. financial crisis of 2008-2009. Today, the european debt crisis has gotten to the point that it could pull the entire eurozone into a recession and drag the global economy down with it.

Question 12

What is the impact of globalisation on economies around the world?

Answer 12

Hffiufhiue

Question 13

Discuss the factors that contributed to the GFC.

Answer 13

Ihuohiunoj

Question 14

What are living standards?

Answer 14

Living standards refers to how well individuals live their daily lives. This can be affected by both material and non material well being.

Question 15

What is economic growth?

Answer 15

This is when a nation increases the volume of goods and services produced over a period of time.
. Economic growth consists of booms and recessions and can have both positive and negative externalities
. this growth is generally measured on real GDP.

Question 16

What is Gross Domestic Product (GDP)?

Answer 16

Gross Domestic Product (GDP) is the measure of total annual value of goods and services produced or sold by a nation over a year, minus the costs used up in production.
. This is calculate quarterly to measure any change in the volume or total market value of the goods and services produced.

Question 17

What is Aggregate Demand?

Answer 17

This is the total value for goods and services in an economy at a given time. The growth in the components of Aggregate demand is affected by changes in demand conditions/factors.

Question 18

What is inflation?

Answer 18

This refers to a rise in the general prices paid for goods and services over a period of time (usually between one year and the next).
. The inflation goal for the Australian economy is a rate if 2-3% whilst the current inflation rate is 1.3% for the first quarter of 2015.