Economic Systems in Europe

All economic decisions are based on customs,

traditions, & beliefs of the past.

• Traditional

• Command

• Market

• Mixed

Trading without using money

• Currency Exchange

• Voluntary Trade

• Stealing

• Bartering

All economic decisions are made by the

Government.

• Traditional

• Command

• Market

• Mixed

There are still pure command economies in the world today.

• True

• False

These countries are closet to which economic system: Cuba, Soviet Union, North Korea, & former East Germany.

• Traditional

• Command

• Market

• Mixed

The government has no control over the economy; private

citizens answer all economic questions.

• Traditional

• Command

• Market

• Mixed

There are no PURE market economies, but

some countries are closer than others.

• True

• False

Most democratic countries have some

characteristics of both command and market; so we call those economies....

• Traditional

• Command

• Market

• Mixed

The United Kingdom has a _________________.

• Traditional

• Command

• Market

• Mixed

____________________ is closer to a Market economy

than any other European country.

• Germany

• United Kingdom

• Italy

• Russia