Factors of Production
This factor of production describes things like oil, water, and land
What is natural resources?
The US government limits the amount of "Hello Kitty" sledgehammers coming into the US from Japan with this type of trade barrier.
What is a quota?
OPEC trades in this natural resource
What is oil?
In this economic system the people produce what they have always produced
What is traditional economy?
Between Market and Command economies, this system is more efficient
What is market economy?
The certification to operate a forklift falls under this category?
What is Human Capital?
The US and United Nations put this type of trade barrier on Iraq, to punish Saddam Hussein for invading Kuwait and committing crimes against his people. It stopped him from trading oil to rebuild his economy and military.
What is an embargo?
Israel specializes in trading these (Name two)
Will accept diamonds, technology, agriculture
In this economic system, countries decide what to produce based off supply and demand
What is a market economy
These are the three economic questions that each country must answer:
What to produce, how to produce, and for whom to produce.
Ford invests in new machinery for one of their auto plants which is this type of factor of production
What is Capital Goods?
This trade barrier can be used to protect domestic industry from cheap foreign made goods by putting a tax on them as they enter the country.
What is a tariff?
OPEC stands for this:
What is Organization of Petroleum Exporting Countries
In this economic system, countries decide what to produce based off government production quota's.
What is command?
This concept allows me to sell rocket-assisted sledgehammers all over the world
What is currency exchange?
A factory building is full of machines, operated by workers certified in operating heavy machines, equipped with tools, sitting on land.
This is the Human Capital in that scenario
What is "workers certified in operating heavy machines?"
Describe the trade barrier:
Europe tells Russia that they will only import a certain amount of petroleum from them, as a sanction (penalty) for them invading the Ukraine.
What is a quota?
Countries in the Middle East with the highest gross domestic product are most likely to be those who invest in:
What is oil and petroleum?
Israel leans this way on the mixed economic continuum
What is market economy?
This term describes the number of adults who can read and write
What is literacy rate?
This factor of production is lacking in many command-leaning economies, and is the reason why market-leaning economies are more efficient.
What is entrepreneurship?
Describe the two trade barriers:
The United Nations decides to sanction Iran for supporting terrorism by limiting their oil exports to an amount that will allow them to purchase food, and banning the sale of all military equipment to them.
What are quota and embargo?
This is one thing that Turkey specializes in producing:
(Accept: Textiles/apparel, manufacturing, automobiles, etc.)
This economic system leads to the least amount of surplus goods being produced.
What is traditional economy?
This describes how OPEC controls oil prices
Raising or lowering production quota's of oil