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M.E. questions


How do traditional econimies decide what to produce, how to do it and who to produce it for? What?-habit, what they need to take care of themselves. How?-custom of how they were done before. Who?-based on ritual, usually for their household
How do command economies decide what to produce, how to do it, and who to produce it for? What?-what the government wants. How?-in all of the government owned factories. Who?-whatever the government decides the sociey needs.
How do market economies decide what to produce, how to produce it, and who to produce it for? What?-whatever can be made for a profit. How?-Wherever they can produce for the best price and quality. Who?-people who have money to buy
Where do Israel, Turkey, and Saudi Arabia fall on the command market to pure market continuum? All fall close to the middle, but-Turkey: closer to command, Saudi Arabia: in the middle, Israel: closest to pure market
What type of economies do Turkey, Israel, and Saudi Arabia have? Mixed economies
How does specialization encourage trade between countries? it is successful when a nation can produce a goo or service at a lower opportunity cost than another nation. It can help benefit both parties in the trade.
How are trade barriers such as quotas, tariffs, and embargos similar? They are all designed to get in the way of trade, and encourage people to buy domestic goods.
How are tariffs and quotas similar? they both allow goods to be imported and raise the value of the goods.
How are embargos different from other trade barriers? the government gets involved to stop trade for political reasons.
What does OPEC stand for and what is their primary goal? Organization of Petroleum Exporting Countries-get member countries to coordinate and agree on oil policies and prices.
Why does international trade require a system for exchanging currencies between nations, and what is it called? foreign exchange rate-determines the value of one country's currency in relation to another, to make traded items remain at their value.
What is human capital? ECUCATION AND TRAINING
How does investment in human capital affect the GDP in Israel, Saudi Arabia, and Iran? All of the nations benefit from investment in human capital. Israel relies on its workers for technology, and Iran/Saudi Arabia need it to train workers and scientists to manage their valuable oil.
How does oil affect the economies of Saudi Arabia, Iran, and Israel? Israel-not very important because they don't have much. Iran and Saudi Arabia-their economy is focused and based on oil.
What is an entrepreneur? Someone with ambition and a new idea who is willing to take a risk to make their idea successful. He also has to be able to convince others his idea is amazing.
How did partitioning the Middle East after the break up of the Ottoman Empire lead to conflict? British and French were given lands. British got Palestine and declared it a homeland for Jews. Palestinian Arabs did not want to share or give up their land.
What is the historical reason for continuing conflicts in the Middles East? Religious differences and land disputes. Islam, Judaism, and Christianity all feel Jerusalem is a holy land, and even when the countries make peace, some citizens of their countries continue the conflict.
Why did the U.S. get involved in the Persian Gulf War? Iraq had invaded Kuwait to take control of its' oil reserves. Saddham Hussein told us to stay out of it, but the oil reserves were so valuable the the United Nations voted to take action to stop Iraq. U.S. was largest contributor.
Why did the US invade Iraq and Afghanistan? Afghanistan- Their Taliban government had supported Al-Queda in their plans to attack the US on 9/11. Iraq-because they threatened to attack us with nuclear weapons and offered aid to groups like Al-Queda
Created by: jtpenrose