Economic Systems
This type of economic system is based on whatever has been done in the past
What is traditional economy?
This is said to be beneficial 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)
This is anything that gets in the way of trade.
What is a trade barrier?
This is what OPEC stands for?
What is the Organization of Petroleum Exporting Country (must be 100% correct)
The percentage of a country's population over 15 that can read and write.
What is literacy rate?
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?
This is the process of exchanging money from one country to the money of another.
What is currency exchange?
A trade barrier in which a country stops all trade of a product with another country.
What is embargo?
These are the 5 countries that started OPEC.
Venezuela, Saudi Arabia, Iran, Iraq & Kuwait
The tools such as factories, machines, etc needed to do a job.
What is capital resources?
In this type of economic system the people answer the three economic questions of production.
What is market economy?
Due to Israel's good education system and lack of farming land, the economy focuses on this?
What is technology
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?
This is the answer to the questions, Are all OPEC countries located in the Middle East?
What is No?
Paper money or coins that make up the money of a nation.
What is currency?
This is the economy of Israel, Saudi Arabia, and Turkey. It is not, however, one of the economic systems
What is a mixed economy?
This is what Saudi Arabia specializes in.
What is Oil and Oil production?
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?
This is how OPEC controls the price of oil around the world.
What is by controlling the supply of oil?
The total value of goods and services produced in a country in one year.
What is gross domestic product?
This the side of the economic continuum that Saudi Arabia'a economy falls to because of the large amount of government control.
What is Command Economy side?
This term refers to a process that allows a country to do a more efficient job at producing what they make best and trade for the things they need.
What is specialization?
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?
This is one of the OPEC members that is not in the Middle East.
What is Venezula, Ecuador, Libya, Nigeria, Algeria, or Angola?
What happens to the price of oil when OPEC decides to reduce production?
What is decreases?