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6th Grade

Unit 5 Economics of Europe Questions

QuestionAnswer
What type of economy do Russia, Germany and the UK have? Germany and the UK had a mix market economy; Russia has a mixed command economy.
What determines what is made in a market economy? Supply and Demand (consumers/citizens)
What determines what is made in a transitional economy? Transitions
What determines what is made in a command economy? Government planners
Why do most countries have a mixed economy? Most countries have found that having a combination of market and command economies is the most successful
What is the relationship between human capital and GDP? The more that is invested in human capital, the higher the GDP
What is the relationship between capital goods and GDP? The more that is invested in capital goods, the higher the GDP
What is the relationship between entrepreneurship and GDP? The more entrepreneurship a country has, the higher the GDP
What is the relationship between natural resources and GDP? The more natural resources a country has, the higher the GDP
Created by: gjenkins2