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Southwest Asia Trade
Southwest Asia Voluntary Trade & OPEC
| Question | Answer |
|---|---|
| Almost all products from where come from Asia? | Walmart |
| Any landlocked country has difficulty doing what? | Trading |
| Describe trade. | The voluntary exchange of goods between countries. Trading occurs when a country exploits their abundance of resources by exchanging its surplus for a resource that another country can provide. |
| Do China and India export or import more? | export |
| Does the USA trade with North and South Korea? | No, only South Korea |
| Give an example of barriers in history. | Iron Curtain, North and South Korea |
| How many countries are in OPEC now? | 13 countries |
| Is Israel well educated? | yes |
| Israel specializes in what industry? | Diamond Industry |
| Isreal also produces what? | It also produces medicine, air craft parts, electronic circuits, and other things. |
| Isreal is the only what in its area? | Only democratic place |
| Money must be what to pay for goods? | Converted into the currency from another country. |
| Name 3 currencies with high value. | The US dollar, Euro, Yen |
| Name an example of the USA placing embargoes on countries. | Placing one on Afghanistan after 9/11 Placing one on Iraq after they invaded Kuwait |
| OPEC produce what percentage of the world's oil? | 42% |
| Tariffs increase what? | the demand for lower priced items produced domestically |
| The country buying the product gets what? | They get what they need. |
| The country selling the product makes what? | A profit |
| What are 3 industries the USA specialize in? | Hospitals, Health & Medical Insurance, Commercial Banking, |
| What are barriers? | Natural or man-made obstacles too voluntary trade. |
| What are embargoes? | Political barriers to trade. |
| What are examples of barriers? | Mountain ranges, deserts, rainforests, and lack of water |
| What are exports? | goods brought out of a country (goods produced domestically and sold abroad) |
| What are imports? | goods brought into a country (goods produced abroad and sold domestically) |
| What are tariffs? | Taxes placed on imported goods. |
| What are the main countries that trade with the USA? | China and India |
| What countries did the USA place embargoes on? | Iraq, Afghanistan, and Iran |
| What country in South America produces oil? | Venezuela |
| What country's presidents get along with Israel? | USA |
| What do countries specialize in? | They specialize in what they do best. |
| What does OPEC do? | Increase or decrease the amount of oil produced. |
| What does OPEC stand for? | Organization of Petroleum Exporting Countries |
| What does Turkey have/produce? | They have/produce gold, coal,textiles, and automobiles. |
| What is a quota? | Limits on the amount of a good that can be imported. |
| What is Afghanistan's currency called? | Afghan Afghani |
| What is currency exchange? | A system international trade requires for exchanging currencies between nations. |
| What is currency? What can it be used for? | Something assigned value and can be used to buy goods. |
| What is exchange rate? | What the currency of a nation is worth in terms of another nation. |
| What is Iran's currency called? | Iranian Rial |
| What is Iraq's currency called? | Iraqi Dinar |
| What is Israel's currency called? | New Israel Shekel |
| What is Saudi Arabia's currency called? | Saudi Riyal |
| What is specialization? | An efficient way to work. |
| What is the purpose of OPEC? | To regulate the price of oil. |
| What is Turkey's currency called? | Turkish Lira |
| What percentage of US oil comes from Saudi Arabia? | 90% |
| What to tariffs cause? | Causes consumers to pay more. |
| When countries specialize in what they do best, what happens to the cost of the item produced? | The cost of the items produced is lower? |
| When does voluntary trade occur? | It occurs when different countries choose to engage in the exchange of goods. |
| When nations refuse to trade what is it called? | Embargoes |
| Where does the USA get its oil from? | Saudi Arabia |
| Which country in Africa produces oil? | Nigeria |
| Who are the leaders of oil production? | Saudi Arabia, Iran, Iraq, Kuwait |
| Who is the largest diamond exporter? | Isreal |
| Who started OPEC? | Iran, Iraq, Saudi Arabia, Kuwait, Venezuela |
| Why do countries trade goods? | Because no country has all the resources. |
| Why does the cost of items produced being lower increase trade? | Because a country can get what they need at a lower cost. |
| Why is trade difficult in Afghanistan? | Because it is landlocked. |
Created by:
Juliana_F
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