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ME Economics SG
Middle East Economics Study Guide
| Question | Answer |
|---|---|
| What 3 economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world? | What to produce, how to produce, and for whom to produce? |
| What is ‘specialization’? | Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally |
| Why is specialization so valuable to international trade today? | Specialization allows people to do a more efficient job at producing what they make best and trade for the things they need. |
| Saudi Arabia specializes in the production of: | Oil and natural gas |
| Why has Israel specialized in the area of technology? | It has few natural resources and little farmland. |
| The economies of Israel, Saudi Arabia, Turkey, and Iran can best be described as: | Mixed |
| In a traditional economy, how are economic decisions made? | Customs and traditions |
| Why was OPEC created? | To regulate the supply and price of oil |
| Where are most OPEC countries located? | Southwest Asia |
| What happens to the price of oil when OPEC countries decide to reduce production? | Oil prices increase |
| What is the definition of Gross Domestic Product (GDP)? | The total value of all the goods and services a country produces in a year |
| Which Southwest Asian country’s businesses are under the LEAST amount of government control? | Israel |
| Tariffs and quotas are alike because they both __________________. | restrict or limit trade between countries. |
| In 1973, Southwest Asian countries stopped exporting oil to the United States in protest against the US’ support of Israel. What type of trade barrier is this? | embargo |
| The relationship between the literacy rate and standard of living in Southwest Asia is _________. | The higher the literacy rate the higher the standard of living. |
| If Saudi Arabia’s government puts a limit on how much Israeli Dead Sea salt it will import this year, what trade barrier is this? | Quota |
| Which of the following would reflect Israel’s mixed economy? | A combination of privately-owned businesses and government regulations. |
| Syria has not built new factories or used new technology in many years. What is the country NOT investing in? | capital goods |
| One of Iran’s biggest problems with their state-run oil industry is: | Inefficiency and poor organization |
| A person who takes a risk by starting a new business is know as a(n): | Entrepreneur |
Created by:
avandeford