Economic Systems, Economic Growth, and Trade: Europe



STUDY GUIDE

Economic Systems, Economic Growth, and Trade: Europe

SS6E5 The student will analyze different economic systems.

SS6E5a Compare how traditional, command, and market economies answer the economic questions of 1 – what to produce, 2- how to produce, and 3-for whom to produce.

SS6E5b Explain how most countries have a mixed economy located on a continuum between pure market and pure command.

SS6E5c : Comparing the basic economic systems in the United Kingdom, Germany, and Russia

• Know characteristics of market economy, command economy, and traditional economy.

• Be able to identify these economies from examples.

• Know what kinds of economic systems would most likely be found in communist and democratic countries.

• Be able to explain a country’s placement on the economic continuum between market and command economy.

• Be able to explain why most countries’ economies are mixed economies.

SSE6 The student will analyze the benefits of and barriers to voluntary trade in Europe

SS6E6a Compare and contrast different types of trade barriers such as tariffs, quotas, and embargos.

SS6E6b Explain why international trade requires a system for exchanging currencies between nations.

• Be able to identify kinds of trade barriers, their purpose, and understand their differences: embargo, tariff, quota.

• Understand the purpose of the common currency (Euro) used in many EU countries

• Understand that exchanging currencies make trade more expensive and increase consumer prices.

SS6E7 The student will describe factors that influence economic growth and examine their presence or absence in Europe.

SS6E7a Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP).

SS6E7b Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP)

SS6E7c Describe the role of natural resources in a country’s economy.

SS6E7d Describe the role of entrepreneurship.

• Understand and identify the 4 factors of production (text p. 103)

• Understand the relationship between GDP, human capital and the effect they have on a country’s standard of living.

• Explain how increasing investment capital will increase GDP

• How do natural resources in a country help the GDP?

• How do GDP figures help us understand the strength of a countries economy?

• Describe the characteristics of entrepreneurship and explain why it is important.

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