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Page 1: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

Economic Systems of Economic Systems of EuropeEurope

Page 2: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

Basic Questions:Basic Questions:

What to produce, how to produce, for What to produce, how to produce, for whom to produce?whom to produce?

All nations of Europe must answer All nations of Europe must answer these questionsthese questions

The economic choices that The economic choices that governments make affects its people governments make affects its people and how strong its economy will beand how strong its economy will be

Page 3: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

4 factors of economic growth:4 factors of economic growth:

1.1. Human capital: the value of Human capital: the value of people to an economypeople to an economy

• Investing in health, education, Investing in health, education, and training of workers helps and training of workers helps economyeconomy

• Better education and training = Better education and training = coming up with new technologycoming up with new technology

• Leads to better use of resourcesLeads to better use of resources

Page 4: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

4 factors of economic growth:4 factors of economic growth:

2.2. Capital goods: products that have Capital goods: products that have valuevalue

• Factories, machinery, new technologyFactories, machinery, new technology

3.3. Entrepreneurs: people who start Entrepreneurs: people who start new businesses to sell a new new businesses to sell a new technique, idea, or producttechnique, idea, or product

4.4. Natural resources: land, air, water, Natural resources: land, air, water, and mineralsand minerals

Page 5: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

Economic Growth takes timeEconomic Growth takes time It takes time for changes of an It takes time for changes of an

economy to take effecteconomy to take effect Countries that were communist Countries that were communist

(command) economies and switched (command) economies and switched to democratic countries with mixed to democratic countries with mixed economies: improvement is sloweconomies: improvement is slow Ex: Romania: good resources, good Ex: Romania: good resources, good

human capital (educated people), bad human capital (educated people), bad economy…it had been communist, so economy…it had been communist, so there was an unwise use of capital there was an unwise use of capital goods…goods…

Page 6: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

United KingdomUnited Kingdom Role of government:Role of government:

Mixed economy: mostly market (people Mixed economy: mostly market (people start businesses). Government controls start businesses). Government controls some industries (welfare, medicine, some industries (welfare, medicine, oversees banking and money)oversees banking and money)

Economic history:Economic history: When economy struggled in past, When economy struggled in past,

government controlled economy moregovernment controlled economy more After World War II, war had destroyed the After World War II, war had destroyed the

countrycountry Government took control of coal, oil, Government took control of coal, oil,

electricity, and shipbuildingelectricity, and shipbuilding

Page 7: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

Factors of economic growth:Factors of economic growth: Human capital: skilled workers and Human capital: skilled workers and

competent managerscompetent managers Capital goods: less efficient industries Capital goods: less efficient industries

shut down, high-tech industries started shut down, high-tech industries started to create jobsto create jobs

Entrepreneurs: many successful Entrepreneurs: many successful entrepreneursentrepreneurs

Natural resources: makes wise use of Natural resources: makes wise use of what they have, including oil in the what they have, including oil in the North seaNorth sea

How are they doing?How are they doing? Large population, high standard of Large population, high standard of

living, low unemployment and inflationliving, low unemployment and inflation

Page 8: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

RussiaRussia Role of government:Role of government:

Mixed, trying to move towards a market Mixed, trying to move towards a market economyeconomy

Economic history:Economic history: Communist for 70 years (part of the Communist for 70 years (part of the

Soviet Union)Soviet Union) Government planned and owned Government planned and owned

everything in the economy (command)everything in the economy (command) Unwise use of resources and factoriesUnwise use of resources and factories

Trying to make big change since end of Trying to make big change since end of U.S.S.R: taking a long time to improveU.S.S.R: taking a long time to improve

Page 9: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

Factors of growth:Factors of growth: Human capital: skilled and educated Human capital: skilled and educated

workers (one thing the Soviet Union did workers (one thing the Soviet Union did well)well)

Capital goods: Capital goods: returning businesses to private control returning businesses to private control

(individual people own): many people (individual people own): many people resisted, thought government should ownresisted, thought government should own

improving factories and technologyimproving factories and technology Natural resources: has a lot of oilNatural resources: has a lot of oil

How are they doing?How are they doing? GDP has been growing a lot in recent GDP has been growing a lot in recent

years, showing they are doing better years, showing they are doing better overalloverall

Page 10: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

GermanyGermany Role of government: mixed economyRole of government: mixed economy Economic history:Economic history:

Before reunification:Before reunification: West Germany: mixed economy, efficient West Germany: mixed economy, efficient

farms, strong industryfarms, strong industry East Germany: command (communist) East Germany: command (communist)

economy, collectivized (government-owned) economy, collectivized (government-owned) farms, weak industryfarms, weak industry

Since reunification: west part of Since reunification: west part of Germany has had to finance (pay for) Germany has had to finance (pay for) improving east Germanyimproving east Germany

Changing economy of east Germany to be Changing economy of east Germany to be like the west has been difficultlike the west has been difficult

Page 11: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

Factors of economic growth:Factors of economic growth: Human capital:Human capital:

strong, competitive education system.strong, competitive education system. Train students for skilled professions Train students for skilled professions

from early age.from early age. Capital goods:Capital goods:

Large and successful industry Large and successful industry (western part of the country)(western part of the country)

How are they doing?How are they doing? Some struggles because of Some struggles because of

reunificationreunification

Page 12: Economic Systems of Europe. Basic Questions: What to produce, how to produce, for whom to produce? What to produce, how to produce, for whom to produce?

Discuss…Discuss…

How are the economies of the United How are the economies of the United Kingdom, Russia, and Germany Kingdom, Russia, and Germany similar?similar?

How can a country’s history affect its How can a country’s history affect its economy?economy? Consider instability vs. stability, past Consider instability vs. stability, past

economic systemseconomic systems


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