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Economics Of SWA

Technology isn't important in what type of economy Traditional
Factories are concerned about quotas in which type of economy Market
People, competing to make a profit, answer 3 economic questions in which economy Market
This economy is found in rural non-developed areas Traditional
The people and government decide how to answer the 3 economic questions Mixed
Customs and traditions are base values in which type of economy. Traditional
Individuals can choose their own job in which type of economy Market
What you produce depends on what the government need in which type of economy Command
The government or central authority answers the 3 economic questions Command
There is no competition between countries in which type of economy. Command
What type of jobs do most people in Iran and Saudi Arabia have Oil Industry
What country has a lot of oil Saudi Arabia
What country has very few natural resources Israel
What country has a lot of technology Israel
Which countries have a mixed economy Israel, Saudi Arabia, Turkey, etc. (those were the only ones listed on the study guide)
Which country has there largest product (petroleum) owned by the government Saudi Arabia
Israel and Turkey have more of a mixed economy but is more of a _________ than __________ on the continuum market than command
Saudi Arabia is closer to _________ on the continuum Market
Name at least 5 natural resources wood, water, air, oil, coal, plants, ore, animals, etc.
Name at least 5 capital resources tools, equipment, machines, factories, vehicles, etc.
Name at least 5 human resources police, doctor, teacher, fireman, nurse, etc.
How can a country invest in human capital By building school, getting better technology, etc.
How can a country invest in capital goods By building factories, roads, machines, equipment, etc.
Why would a country want to invest in human and capital resources So a country can have a higher GDP and higher standard of living
The activity of setting up a business Entrepreneurship
The value of all goods and services produced yearly GDP
The rate at which one currency can be traded for a unit of currency Exchange Rate
Confining oneself to providing a specific product Specialization
Government decides what and something will be produced Command Economy
People will decide what and how will be produced Market Economy
Social rules will decide what and how it will be produced Traditional Economy
Government and people decide what and how something will be produced Mixed Economy
voluntary exchange of products and services Trade
a product brought into a country by trade Import
money Currency
percentage of people who can read and write Literacy Rate
What is a Tarrif A tax on imports
What is a quota A limit on the amount of products that can enter a country
What is an embargo cutting of trade to a certain country because of political reasons
Exchange rates makes it much easier for countries to __________ trade
What are the 3 economic questions what to produce, how to produce it, and for whom to produce for
What is OPEC OPEC is the organization of petroleum exporting countries. OPEC nations work to control the price of oil by limiting the amount each country gets
What does specialization encourage Trade between countries
How does oil impact economies of SWA Oil makes countries of SWA very wealthy and powerful
What does low literacy rate tell us about an economy It shows us that few people can read and write. This may also mean that the country has a low GDP
Created by: averyrcole



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