Vocab 1
major natural resource of the Middle East
oil
economy where the people make all economic decisions
market
Name the 3 economic question
what to produce
how to produce
for whom to produce
most countries in the middle east specialize in
define tariff
tax on imports
the value of the goods and services produced in a country in a year
GDP
economy in which the government makes all economic decisions
command
Most countries have a ___________ economy
mixed
Turkey has a diversified economy. What does diversified mean?
different, varying, many
define quota
percent of people over 15 who can read and write
literacy rate
define traditional economy
economic decisions are based on traditions and ancestors
give 2 examples of natural trade barriers
mountains, deserts, large bodies of water, rain forests
Specialization means countries trade / sale things to get what they need. In order for countries to trade we need a system of exchanging one currency for another. What is this system called?
Currency Exchange
define embargo
to stop or ban trade
define human capital
the skills, healthcare, and training of your workers
the financial health of a nation measured by how much the nation consumes --- how well the people live - hospitals, schools, roads
standard of living
A higher literacy rate leads to __________
a higher standard of living, better jobs, better economy
define specialization
focusing on one particular thing you can make easier/cheaper / better
The U.S. refused to sell weapons to Afghanistan after the September 11 attacks on the World Trade Centers. This is an example of _________
an embargo
define capital
factories, machinery, technology used to produce goods
to slow down or stop trade
tariff, quota, embargo
this country has the most diversified economy in the Middle East
Turkey
give one example of a country and it's specialty from class
Iran, Kuwait, Saudi Arabia, Iraq - oil
Israel - diamonds
The U.S. will only import 700 cars from Japan each year. Why would the U.S. put a quota on cars from foreign couturiers?
to give American car makers a chance to compete