Econ Basics
In which economic system do people have the most freedom?
Market economy
What natural resource is the Middle East known for?
Oil
Which of the four factors of growth is OIL?
natural resources
Two countries agree to trade with one another. What is this called?
Voluntary Trade
What regulates oil prices and maintains stability?
OPEC
In which economy would the government have the most control?
Command
What nation in SW Asia has the most oil?
Saudi Arabia
What type of economy would be more supportive of entrepreneurship?
Market - or mixed-market
Country A discontinuing trade with Country B is an example of what type of barrier?
Embargo
An example of a factory that produces only cars is an example of what?
Specialization
Which economic system is the most common around the world?
Mixed-market
What country specializes in technological manufacturing?
Israel
Turkey has invested in agricultural technology to make farming faster and easier. This is an example of which economic factor?
Capital goods
An additional charge on all Western Clothing imports is an example of what barrier?
Tariff
What group was founded to try to regulate oil prices?
*Double points if you can say the whole name.
OPEC
Organization of Petroleum Exporting Countries.
In what country do you find a traditional economy?
A. Iraq
B. Iran
C. Saudi Arabia
D. None of these
D. None of these
What country has a large agricultural sector but also specializes in textile production?
Turkey
Israel has a 97% literacy rate. What type of economic factor investment does this exemplify?
Human capital
The UAE limits the amount of alcohol that can be imported into the country. What barrier is this?
How many members are currently in OPEC?
14
Match the country to where it would fall on the economic continuum. Your options are Israel, Turkey, Saudi Arabia.
A B C
Command----------------Mixed------------------Market
A. Saudi Arabia
B. Turkey
C. Israel
Name that country:
Has oil like Saudi Arabia but most of the profit goes to military.
Service industry makes up about half of economy
Only about 10% of land is arable.
Iran
Explain the connection between Literacy Rate and GDP. Must have the WHY.
Answers will vary but students should explain how high literacy rates should generate higher GDP due to skilled/more productive workers, and business opportunities.
The U.S. wants Iran to join the Environmental Treaty to decrease factory pollution. Iran refuses. Besides embargo, tariff, and quota, -name and explain a trade barrier they could implement that could motivate Iran.
Sanctions
What country is being described?
-The government controls most of the agriculture industry and has taken over certain aspects of the economy to try and combat warfare and immigration related problems.
Israel.