Economic Systems
This type of economic system is based on customs and traditions.
What is traditional economy?
This is said to be beneficial to the buyer and seller doing the exchange of goods and services.
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 Countries (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 goods?
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?
Any raw material or feature found in nature and essential for life and economic activity
What is natural resources?
This is the economy of Israel, Saudi Arabia, and Turkey. It is not, however, one of the three main 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 of Iran's petroleum, 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 country has the most diversified economy in the Middle East.
What is Israel?
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 the year that OPEC was founded?
What is 1960?
Skills, education, and training that a worker possesses in order to produce a good or service
What is human capital?