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Southwest Asia Trade

Southwest Asia Voluntary Trade & OPEC

QuestionAnswer
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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