European Economies Comparing the Economies of the United Kingdom, Germany and Russia.

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Presentation transcript:

European Economies Comparing the Economies of the United Kingdom, Germany and Russia

Type of Economy United Kingdom: Mixed closer to market Germany: Mixed closer to market Russia: Mixed closer to command

Economic Continuum Russia COMMAND U.K. Germany MARKET MIXED

Who decides what, how and how much to produce? United Kingdom- private citizens corporations Germany- private citizens corporations some government regulation Russia- private citizens and corporations some government regulation

How difficult is it to start your own business? United Kingdom - it is very easy (takes days) Germany - it is very easy (takes days) Russia- it is time consuming (months) Entrepreneurship is promoted less in Russia than in the United Kingdom and Germany

Trade Partners United Kingdom – United States Germany France Germany – France United States United Kingdom Russia – Germany Italy China

Currency United Kingdom – Pound Germany – Euro Russia - Ruble

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