Economics

How long are students required to stay in school in Russia?

14 years old

What is the literacy rate of Russia?

99.7

export

A good or service produced in the home country and sold in another country.

Standard of Living

A level of material or monetary comfort as measured by the goods, services, and luxuries available to an individual, group, or nation. Higher GDP = better quality of life.

quotas

A numeric limit on the quantity of a product that can be imported into a country

Market economy

An economic system based on free enterprise, in which businesses are privately owned, and production and prices are determined by supply and demand.

traditional economy

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

Capital goods

Buildings, machines, technology, and tools needed to produce goods and services.

How does entrepreneurship influence economic growth?

By creating jobs, lowering unemployment, and encouraging people to take risks that benefit us all.

What type of economy did Germany have before the reunification of Germany?

Command

Communist countries typically have what type of economic system?

Command (most are not purely a command economy)

free enterprise

Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference

What do countries use to measure economic growth?

GDP (gross domestic product)

Who decides what to produce, how to produce, and whom goods and services are produced for in a command economy?

Government makes all the decisions on what goods to make and how to produce these goods as well as who to sell them to.

economic system

How a country organizes its economy

Why are having natural resources important to countries?

If they don't have the natural resources....they will have to import and pay for them. Also, if a country has a lot of them they can sell them and make money.

What is an effect of putting a quota on a good?

It can create a shortage which can increase the price. Consumers might be hesitant to buy this product because it is more expensive. On the other hand; quotas can encourage people to buy domestic products.

Most democratic countries use what type of economy?

Mixed

Russia's economy is moving away from a Command economy and trying to move closer to a Market economy, but they are currently a what type of economy?

Mixed

What type of economic system does the UK, Russia, and Germany have?

Mixed

What is a mixed economy?

Mixture of both market and command

What are Russia's economic problems?

Natural resources are hard to get to; unemployment; allowing the public to have a greater influence on the economy

entrepreneurship

People who take a risk to start their own business. The process of bringing together natural resources, human capital, and capital resources to produce goods or services -

tariffs

Taxes on imported goods

Trade Barriers

Taxes, quotas, and other restrictions on goods entering or leaving a country.

What country would have an economy that is almost like a market economy?

The US....but there are no truly pure market economies

bartering

The exchange of goods and services without using money.

Command System

The government controls all markets determining what to produce, how to produce, and for whom to produce

Why is it important to invest in capital goods?

The more capital goods you have the more goods and services you are able to produce. The more goods and services you are able to produce will result in more money!

What is an effect of a tariff on an imported product?

The tax on the product will raise the price of the product

import

To bring in from an outside source, especially from a foreign country

GDP

Total value of goods and services produced by that country in a given time period. Used to assess country's economic health (how rich or poor a country is)

The aborigines in Australia or a small village in Africa might use which type of economic system?

Traditional

Who had the highest percentage of people living in poverty? Germany, UK, or Russia

UK

Who had the worst unemployment rate? Germany, UK, or Russia

UK

What two countries have a 99 % literacy rate?

UK and Germany

3 questions economic systems answer

What to produce? How to produce? and Whom to produce?

Who decides what to produce, how to produce, and whom goods and services are produced for in a mixed economy?

What to produce?--businesses How to produce?--businesses...but the government can regulate certain industries Who are goods produced for? consumers that will buy the goods

Who decides what to produce, how to produce, and whom goods and services are produced for in a market economy?

What to produce?--it is based on supply and demand and free enterprise How to produce?--businesses Who are goods produced for? consumers that will buy the goods

Who decides what to produce, how to produce, and whom goods and services are produced for in a traditional economy?

What to produce?--people follow customs and traditions from their ancestors. How to produce?--people continue making things the same way people in the past did. Who are goods produced for? The people in the village or town that need them

What is an effect of an embargoes?

Worst economic trade barrier because it orders a complete ban on trade with another country. The effect can also be similar to a tariff because it makes getting the product from other countries more expensive.

scarcity

a shortness of supply; not enough of something to satisfy everyone's wants and needs

embargoes

a total ban on trade between one country and another

What are the main agricultural products of the Uk?

cereals, potatoes, vegetables, cattle, fish, sheep

Why is it hard for Russia to get access to their natural resources?

climate, terrain, distance, and size make it difficult for them to access their resources.

What are some of the natural resources available in the UK?

coal, natural gas, iron ore, lead, zinc, gold, tin

What type of natural resources does Germany have?

coal, natural gas, iron ore, uranium, potash, timber

What types of things are being produced in the factories in Russia?

coal, oil, space vehicles, metals, tractors, construction equipment, aircraft, and communication devices.

physical trade barriers

geographic barriers that slow down trade between nations

Why is it important to invest in human capital?

investing in people help a workforce have more valuable people working for them who will then produce more goods and services and will contribute more to finding better uses of resources

What things are being produced in the factories in Germany?

iron, steel, cement, chemicals, machines, vehicles, tools, electronics, ships, etc.

What impacts human capital?

literacy rate

What are the 4 factors of economic growth?

natural resources, human capital, capital goods, entrepreneurship

What type of natural resources are available in Russia?

oil, natural gas, coal, lots of minerals, etc

literacy rate

percentage of population who can read and write.

What are the main agricultural products of Germany?

potatoes, wheat, sugar, beets, cattle, cabbage,etc.

What are the three most common economic trade barriers?

tariffs, quotas, and embargoes

human capital

the knowledge and skills that workers acquire through education, training, and experience

free trade

the removal of trade barriers so that goods can flow freely between countries

What are some types of products that are being produced in factories in the UK?

tools, railroad equipment, ship building, aircraft, cars, clothes, etc.

3 types of economic systems

traditional, market, command

What are some of the economic problems in Germany?

trying to modernize the former east German economy, unemployment, depletion of natural resources, pollution, etc.

What are the economic problems of the UK?

unemployment, depletion of natural resources, improving public services by increasing taxes