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Economics Of SWA
| Question | Answer |
|---|---|
| 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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