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SW Asia Economies
1.5 SW Asia Middle East Economies
| Term | Definition |
|---|---|
| Command Economy | An economy in which a government-planning group makes most of the basic economic decisions for the workers. |
| Embargo | A trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country’s economy |
| Entrepreneur | a person who risks money, time, ideas, and energy to start and run a business. |
| Gross domestic Product (GDP) | The total value of all the final goods and services produced within a nation in a given year |
| Human Capital | The knowledge and skills that make it possible for workers to earn a living producing goods or services. |
| Literacy Rate | The amount of people (ages 15 and up) in a country that are able to read and write. |
| Market Economy | An economy in which a society’s economic decisions are made by individuals who decide what to produce and what to buy |
| Mixed Economy | An economy that has characteristics of both market and command economic systems. |
| Quota | A way of limiting the amount of foreign goods that can come into the country. (A trade barrier) |
| Specialization | Those products a country makes best and that are in demand on the world market. |
| Tariffs | A tax placed on goods when they are brought into one country from another country. ( A trade barrier) |
| Traditional Economy | An economy in which most of the economic decisions that are made are based on customs and habits of the past. |
| Capital Goods | Factories, machines, technologies, buildings, and property needed for a business to operate |
| OPEC | Organization of Petroleum Exporting Countries-group of countries that export oil to other countries |
| Currency | Something that is assigned value and can be used to purchase goods and services in a market |
| Bartering | A system of exchange where one good or service is given in return for another |
| Natural Trade Barriers | found in nature: examples include mountain ranges, deserts, rainforest, or lack of access to bodies of water. |
| Political Trade Barriers | Policies passed by a government to regulate trade. |
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