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Warm-Up
Complete the back of your note sheet from yesterday. Try your hardest to answer each question.
• 1. In your own words, define a market economy. • 2. List the three basic questions economic systems have to
answer.• 3. Next to each question below, write T for traditional system, C for
command system, and M for market system.• _____ a. The government controls what is produced and
how it is produced.• _____ b. Supply and demand determines what is sold and
how much it costs.• _____ c. People make what they need to survive.• 4. The most common economic system today is:
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The European UnionSS6CG5(b) Describe the purpose of the European Union and the relationship between member nations
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The European Union
• The European Union (EU) is an organization of more than 25 European countries originally founded to encourage trade with Europe.
• Today, it has grown into a very strong multinational union and the world’s leading trade power.
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• The EU even has its own flag!
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The EU’s purpose
• To create a peaceful, stable environment between European countries
• To promote free trade among members leading to one common market
• To help ensure the safety and security of member nations
• To cooperate and assist each other in social issues such as preserving the environment and protecting human rights
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• The EU has built a strong relationship between its member nations.
• Dropping all tariffs has led to greatly improved trade and higher standards of living among members
• Wealthier countries are sharing their wealth with poorer countries
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• Countries are helping improve their environment by setting up strict environmental standards.
• Workers are allowed to cross borders easily to work in other EU countries.
• A Court of Human Rights has been established to protect citizens’ rights in member countries
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The Euro
• One of the most important accomplishments of the European Union is the establishment of a single currency called the euro
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• Now, countries that use the euro do not have to worry about exchanging currency or about constantly changing exchange rates
• The euro makes trade easier, more efficient, and less costly!
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Essential Skills
• Put a check mark next to the benefits of the European Union
• ____ Free school funding• ____ Increased number of television stations• ____ Protection of the environment• ____ Workers can work in many other countries
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• ____ Free trade
• ____ Higher standards of living
• ____ Single currency
• ____ Lower income taxes
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Credits
• Text – Georgia Experience 6th Grade Social Studies Teacher’s Edition
• Images – Google images