Economic Systems
Specialization, Voluntary Trade, Currency Excahnge
Trade Barriers
OPEC and the role of Oil in the Middle East
Capital, Human Capital,Entrepreneurs
100
This type of economic system is based on whatever has been done in the past
What is traditional economy?
100
This is said to be benefical to everyone who participates, as long as they do it fairly and don't force others to do it.
What is voluntary trade? (will accept trade)
100
This is anything that gets in the way of trade.
What is a trade barrier?
100
This is what OPEC stands for?
What is the Organization of Petroleum Exporting Country (must be 100% correct)
100
This is what Human Capital is.
What is Education or Training?
200
In this type of economic system, the government answers the following questions: What to produce? How to produce? For whom to produce?
What is a command economy?
200
This is the process of exchanging money from one country to the money of another.
What is currency exchange?
200
This type of trade barrier stops trade all together.
What is embargo?
200
This is the answer to the question, Do all OPEC countries have to have oil?
What is yes?
200
This is what capital is.
What is factories, machinery, and technology?
300
In this type of economic system the people answer the three economic questions of production.
What is market economy?
300
Due to Israel's good education system and lack of farming land, the economy focuses on this?
What is technology
300
If Israel limited the amount of American made tractors that came into its country to 3,000, this would be a certain type of trade barrier.
What is quota?
300
This is the answer to the questions, Are all OPEC countries located in the Middle East?
What is No?
300
This is a person who takes risks by innovating products or services in the business place.
What is an entrepreneur?
400
This is the economy of Israel, Saudi Arabia, and Turkey. It is not, however, one of the economic systems
What is a mixed economy?
400
This is what Saudi Arabia specializes in.
What is Oil and Oil production?
400
If the United States put a tax on all Chinese tires, this would be an example of a certain type of trade barrier.
What is tariff?
400
This is how OPEC controls the price of oil around the world.
What is by controlling the supply of oil?
400
Saudi Arabia admitted that its human capital has suffered, but has started to do this to make up ground.
What is educate its population? (add schools)
500
This the side of the economic continuum that Iran's economy falls to because of the large amount of government control.
What is Command Economy side?
500
This is the term used when a country can completely produce all the goods and services it needs.
What is self-sufficient?
500
In 1973 OPEC decided to do one of these to the United States because the US supported Israel's right to be a country.
What is embargo?
500
This is one of the OPEC members that is not in the Middle East.
What is Venezula, Ecuador, Libya, Nigeria, Algeria, or Angola?
500
This is what the introduction of entrepreneurship has done for the Middle East.
What is it increases the overall GDP of the Middle East? (increases GDP)
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