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“Europe’s Economic Systems” Unit Three Study Guide __________________________________________________________________________________________ I. Economic Systems 1. Fill in the chart with a definition and an example of the 4 types of economic systems: Economic System Definition Traditional Based on customs. Children often do the same job as their parents did. Government answers all economic questions Command Market Own by private individuals and people. Based on supply and demand Example Amish, primitive tribes in African, Asia, and South America. Cuba, Former Soviet Union, North Korea United Kingdom, Australia, Canada 2. Most Democratic countries have which type of economic system? Market 3. Most Communist countries have which type of economic system? Command 4. What are the 3 basic questions that every economic system must answer? What to product? For whom to produce? How to produce? 5. What is bartering? Trading. Which economic system uses bartering to trade goods? Traditional economy. 6. Which economic system is based on individual choice? Market 7. Which country is the closest to having a pure Market economy? United Kingdom II. Trade Barriers 8. Fill in the chart below with a definition of the 3 types of economic trade barriers: Economic Trade Barrier Tariff Definition A tax on imported goods Quota A limit on the number of imports allowed into a country Embargo A complete trade ban with a country 9. What are 3 examples of physical trade barriers in Europe? Mountains, natural disasters, rivers III. Economic Growth (Gross Domestic Product) 10. Fill in the chart below with a definition and an example of the 4 factors that contribute to economic growth: Factor Definition Example Human Capital People who perform work Employees Capital Goods Any asset needed to complete work Technology, buildings, tools Natural Resources Resources supplied by nature Lumber, minerals, fossil fuels Entrepreneurship A persons who takes on the risk of owning their own business 11. A country focusing on building new factories with updated machinery and new technology is investing in _Capital goods 12. A country focusing on education and training of its citizens is investing in human capital 13. Define entrepreneurship: A persons who takes on the risk of owning their own business 14. Entrepreneurship influences economic growth by creating jobs in the marketplace, introducing innovative products, helping economies adapt to changing conditions in a global society. 15. A country’s investment in developing human capital and capital goods will increase or decrease a country’s Gross Domestic Product (GDP). Circle your answer. IV. Comparing European Economies 16. Russia’s economy has moved away from Command and more towards Market since 1991—why? Their government has allowed for more economic freedom ( communist to democratic) 17. What do the economic systems of United Kingdom, Germany, & Russia all have in common? They are all mixed-market with some elements of command 18. How do Russia’s harsh climate, size, and few navigable rivers affect its economic development? It has made investing in natural resources difficult VI. Environmental Issues 19. Describe what happened at Chernobyl and explain why the people abandoned the city. The nuclear power plant exploded, 20. List at least 3-consequences as a result of the Chernobyl disaster. Contaminating the air, land, and water. Increased cases of cancer. 21. Define Acid Rain: Pollutants in the air mix with participation. Kills trees, erodes stone, and contaminates water (Which country is affected?) Germany 22. Define Air Pollution: Fossil Fuels get trapped in the atmosphere and create smog. Causes health problems. (Which country is affected?) United Kingdom Just a reminder!!!!! Remember to study your unit 3 vocabulary, flip book, and lap book.