Unit 3 Worksheet: Economic Forces in Europe
Test will be: October 14
1. What is a market economy?
2. What is a command economy?
3. What is a traditional economy?
4. What is a mixed economy?
5. What is an entrepreneur (and give at least 3 examples)?
6. What is communism?
7. Who makes all the economic decisions in a market economy?
8. Who makes all the economic decisions in a command economy?
9. Who makes the economic decisions in a mixed economy?
10. Communism is closest to which type of economy?
11. What do the economic systems of the United Kingdom, Germany, and Russia have in common?
12. What is a tariff?
13. If the U.S.A did not want any products from China to enter the U.S.A., then which trade barrier would most likely keep Chinese products out?
14. You own the Deep Blue Sea Company, a fleet of fishing ships in Hawaii. Hawaii is a state in the United States, and uses the dollar as its currency. You make your living selling fish to your customers. Today you have received two orders:
Based on what you see in the two orders above, which of the orders is easier for you to fill and why?
15. You and your friends decide to open a lemonade stand. What are your capital resources?
16. If you open a lemonade stand, what are your human resources?
17. What does it mean to invest in something?
18. If a country does not invest in human capital, what kind of problems could this cause for that country?
19. Name 3 examples of a company investing in capital resources?
1.
2.
3.
20. If a country does not invest in capital resource improvements, then what will happen to that country’s factories and businesses?
21. What is the euro?
22. Which country shown on the continuum has the LEAST free economy AND WHY?
23. How are Country2 and Country3 different from each other?
24. If a country was able to send everyone to college to get a degree, what would likely happen to that country’s GDP?
25. If the literacy rate of a country was 10%, what kind of GDP would that country probably have?
26. All of these economies are now mixed economies, but they were not always this way. Countries 2, 5, and 6 used to be another type of economy. Do you think they were market or command? WHY?
«27. What is the relationship between human resources and GDP? What is the relationship between capital resources and GDP?