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SW Asia Economies

1.5 SW Asia Middle East Economies

TermDefinition
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.
Created by: shmsz
 

 



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