Key concepts from unit 4 to study
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Key concepts from unit 4 to study

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Key concepts from unit 4 to study Key concepts from unit 4 to study Presentation Transcript

  • Key Concepts from Unit 4 to Study (In order of most important) Concept What about it? 1. Econ Systems of UK, Germany, and Russia (pages 6 &7) Which county is it easiest to start a business in? Who decides which goods will be produced and sold in each country? Who owns the industries within the countries? Which country do buyers and sellers usually come to agreement on prices in order to trade?Know the line of continuum 2. Types of Econ Systems What are the questions that every economic system must answer? What type of economy is based on customs? In what type economy does the government plays NO role in this economy; people are free to exchange goods and services without government involvement or regulations? Which type of economy is LEAST likely to be found in Europe?Know the line of continuum (Pages 4,5, &12) 3. 4 Factors of Econ Growth (Pages 8 &9) Know examples of each Factor. What is a problem faced by entrepreneurs is Russia? What is a way that entrepreneurs help increase a country’s GDP? Why is a country better off if it does not have to import natural resources? What happens when a country does not invest in capital goods? What happens to a country that does not invest in human capital? 4. Trade Barriers (Page 10) How might a tariff be good for a country?How might a tariff be bad? What is limit on goods brought into the country called? What might make an embargo against a country successful? 5. Currency Exchange What is the currency of UK, Germany and Russia called?What is a problem with exchanging currency?