Good Morning SPONGE Out of the following countries, which do you think has the strongest economy? Explain. UK, Germany, Russia Write down your EQ and Homework for today. Take out your handout on the 4 economies

Comparing the Economies of the UK, Germany and Russia

United Kingdom  Private citizens and corporations:  Own businesses and farms  Decide what to produce and how much to produce  Decide how goods and services will be produced  Decides distribution methods and prices for goods and services

United Kingdom  Buyers and sellers decide prices for goods and services based on supply and demand.  Supply: the amount of goods available to people  Demand: the desire for a product  If something is in high demand, companies can sell it for a higher price.

United Kingdom  Laws and a good court system protect people’s property rights  It is very easy to start your own business

The economic system in the UK is more like a ___________________. A.Command economic system B.Traditional economic system C.Market economic system D.Unitary economic system

Germany  Private citizens and corporations own businesses and farms

Germany  Private citizens and corporations with gov’t regulations:  Decide what to produce and how much to produce  Decide how goods and services will be produced  Decides distribution methods and prices for goods and services

Germany  Private citizens and corporations decide prices for goods and services with some gov’t regulations  Laws and a good court system protect people’s property rights  It is very easy to start your own business in Germany

In Germany, private citizens answer most of the economic questions with ______________. A.Some government influence B.No government influence C.All government influence

Russia  The government owns some large industries (oil, natural gas, aerospace, etc)  Private citizens are allowed to own businesses in other areas

Russia  Private citizens with heavy government regulations:  Decide what to produce and how much to produce  Decide how goods and services will be produced  Decides distribution methods and prices for goods and services

Russia  Private citizens and corporations decide the prices for goods and services with some government regulations  The court system does not always protect the rights of property owners  It is difficult and time consuming to start a business in Russia

In Russia, there is ____________ (of) government regulations on the economic system. A.Little B.No C.A lot D.All