Economic Systems
This Economic system is a combination of Command(government controlled) and Market (Private Citizen and Business controlled)
Mixed
What type of Economic System does Israel have?
Mixed close to Market
Materials or substances that occur in nature and can be used for economic gain.
Natural Resources
Taxes placed on imported goods.
Tariff
The number of people in an area that can read and write.
Literacy Rate
In this system Economic decisions based on tradition and custom and production is done the way it has always been done
Traditional
What type of Economic system does Turkey have?
Mixed closer to Market
The total of goods and services produced in one year within a country
GDP (Gross Domestic Product)
Limits on the amount of a good that can be imported into a country.
Quota
A level of material comfort as measured by the goods, services, and luxuries available to an individual, group, or nation.
Standard of Living
In this system, All economic decisions are made by the government
Command
What type of Economic System does Saudi Arabia have?
Command moving toward Mixed
When countries invest in this, they are providing education and/or training for the people who perform the labor
Human Capital
A barrier that forbids trade with another country.
Embargo
Exchange rates provide a procedure for determining the value of one’s currency in terms of another’s currency.
Currency Exchange
In this Economic System they Barter (trade without using money)
Traditional
Most countries have this type of Economic System.
Mixed
Refers to the factories, machinery, and technology used to produce goods and services.
Capital (Physical)
When Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico, this was what type of trade barrier?
Quota
It encourages trade between countries because a country can get what it needs at the lowest cost when it is produced by another country that specializes in that item.
Specialization
In this system economic decisions are made by buyers & sellers in the market place.
Market
An arrow that shows how close a country is to Command or Market
Continuum
Someone who has an idea for a good or service and takes the risks to produce it.
Entrepreneurship
When the United States prohibited all imports and exports to and from Cuba, this was what type of trade barrier?
Embargo
This organization's purpose is to Coordinate and unify petroleum prices in order to promote stability in the world oil market
OPEC