United Kingdom Germany and Russia answer basic economic

United Kingdom, Germany, and Russia answer basic economic questions? Standard: SS 6 E 7 c. Compare the basic types of economic systems found in the United Kingdom, Germany, and Russia. SS 6 E 7 a. Compare how traditional, command, and market economies answer the economic questions of (1) what to produce (2) how to produce (3) for whom to produce SS 6 E 7 b. Explain how most countries have a mixed

Economic Systems Continuum Activity

Use the Economic Systems of Europe Graphic Organizer to record your information

United Kingdom’s Mixed Market Economy § Service industries like banking, insurance, and business services account for most of the UK’s gross domestic product § Over the decades, the government has turned over many state-owned companies to private ownership setting up free market competition § In short, the United Kingdom has a mixed market economy because some of its economy is driven by producers, consumers, and markets while other aspects of its economy are controlled by

Germany’s Mixed Market Economy § An export-based economy focused on manufacturing and products [relies on global markets] § There is also still an issue with updating the Eastern German economy to compete and operate equally with Western Germany [Western Germany invests money in Eastern German states to help modernize and update factories and production lines. West Germany had to bring East Germany’s command economy into its market economy] § Germany’s economy combines a market

Russia’s Mixed Market Economy § Russia has struggled as it transitions from a command economy under the Soviet Union to a mixed market economy today § Many government-owned companies are being sold to private businesses, but the Russian government is still largely involved with many aspects of the economy § Russia faces financial problems and huge costs to improve its old plants and industries to be more efficient

Think, Pair, Share: Answer the question on the bottom of your graphic organizer.

Explain why the United Kingdom and Germany are closer to the market side of the continuum even though all three countries are identified as a mixed market economy. The economic continuum is based on government control. More government control means the closer a country is to a command economy. Less government control means the closer a country is to a market economy. There is more government control of the economy in Russia than in Germany or the United Kingdom; therefore, Russia lies closer to the command side of the continuum.

Economic Systems of Europe Summarizer