Voluntrade
What is bartering?
Trading without money
This type of economy is very harsh to live under and is typically not very successful.
Command economy
Define oligarchy.
Government by the few
In what year was Iraq invaded by the United States and other countries for possible hidings of weapons of mass destruction? Who was Iraq's dictator during this time.
2003; Saddam Hussein
The total value of all goods and services produced in a country within one year.
Gross Domestic Product
List the two purposes for the Organization of the Petroleum Exporting Countries.
1. Set oil prices
2. Set a limit on amount of oil produced
What is a mixed economy? Name two countries in Southwest Asia that share this type of economy.
Economy that has characteristics of both market and command economies
Saudi Arabia, Israel, and Turkey all share a mixed economy
What type of government does Saudi Arabia have? How is the leader chosen?
Absolute monarchy; hereditary
The systematic, state-sponsored killing of 11 million individuals was known as what? How many Jews were killed during this time?
Holocaust; 6 million
What are the four factors of production?
1. Natural Resources
2. Human Capital
3. Capital Goods
4. Entrepreneurship
Define quota, embargo, and tariff.
Quota - limit on the amount of goods that can be imported into a country
Embargo - refusal to trade
Tariff - tax placed on imported goods
Who makes the decisions in a command economy? Market economy? Traditional economy?
Command - government
Market - buyers and sellers
Traditional - traditions/customs of the past
List two differences between a presidential democracy and a parliamentary democracy.
1. President vs Prime Minister
2. President is voted by citizens
Why was Israel created? What year was it created?
1948; Jews had no homeland after the final days of the Holocaust
List three examples of natural resources.
Sun, plants, water, air, time, minerals, oil, land
Explain specialization.
Country A produces a good that another Country B can't and they trade that good to Country B in exchange for a good they produce.
What are the three economic questions that every country must answer when developing its economic plan?
1. What to produce?
2. How to produce?
3. For whom to produce?
Describe the process of electing a President and Vice President in a presidential democracy.
1. The citizens elect the President
2. The president appoints the Vice President
Explain why Kuwait was invaded. In what year did this invasion take place?
1990; Iraq wanted to regain access to the Persian Gulf and wanted access to the oil fields
List three examples of capital goods.
Machines, factories, tools, technology, lumber, computers
What is exchange rate and why is it important?
Exchange rate - what the currency of a nation is worth in terms of another country's currency
Which country in Southwest Asia produces and trades oil? Steel and weapons? Technology?
Oil - Saudi Arabia
Steel and weapons - Turkey
Technology - Israel
Describe the process of electing a Prime Minister in a parliamentary democracy.
1. The citizens elect the Knesset members
2. President nominates a member of the Knesset
3. Knesset members vote on him/her
List the three end results of the Afghanistan invasion.
1. Taliban was defeated
2. U.S. helped form a democratic government in Afghanistan
3. Osama bin Laden was killed
Define human capital.
The skills, talents, education, and abilities that human workers possess.