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Transcript of European Economics
Type of Economy: Mixed (closer to a market economy than any other European country).
Human Capital: U.K. has a 99% literacy rate and citizens are required to stay in school for 16 years.
Physical Capital: Metal products, equipment/machinery, chemicals, and medicine. The manufacturing business accounts for 10% of U.K.'s GDP (41,787.47 USD).
Natural Resources: 23% arable land, coal, natural gas, minerals and lead.
Entrepreneurship: 608,110 businesses were started in the U.K. in 2015.
The score of 76.4 for U.K. shows they are close to a pure market economy on the economic continuum scale.
Type of Economy: Mixed Economy (after reunification in 1990, East Germany had to move away from a command economic system and slowly towards a market system).
Human Capital: Germany has a 99% literacy rate and students are required to stay in school until they are 16 years old.
Physical Capital: Automotive engineering, chemicals/medicine, metals and technology. Germany's GDP is 46,268.64 USD.
Natural Resources: 33% arable land, coal, natural gas, minerals and timber.
Entrepreneurship: Germany is lacking in entrepreneurs. A study in 2012 showed that only 0.2% of people opened their own businesses in Germany.
Type of Economy: Mixed Economy (Russia’s economy has been moving away from a command economy and more towards a market economy since the fall of the Soviet Union in 1991).
Human Capital: Germany has a 99.6% literacy rate and students are required to stay in school until they are 14 years old.
Physical Capital: Mining, aircraft building, weapons/military machinery and automotive industry. Russia's GDP is 2.097 trillion USD.
Natural Resources: 7% arable land, oil, natural gas, minerals, timber
(Russia leads the world in oil production)
Entrepreneurship: Russia has many successful entrepreneurs who work to create multiple businesses within their country.
What does it take for a country to have a great economy and a high GDP?
Write your answer in your notebook underneath your notes.