Vocabulary
When citizens directly elect their president, what type of government is it?
Presidential Democracy
When citizens elect a parliament, and the parliament elects or selects a prime minister or president
Parliamentary Democracy
What does per capita mean?
Per person
What is the head of state in Saudi Arabia called
A King
OPEC regulates the production of what natural resource?
Oil
Factories, technology, and machinery are called
Capital Resources
What is the title of the true head of state in Israel?
Prime Minister
The impact of entrepreneurs on GDP within a country is almost always_________
Positive
Which of the following countries is NOT a member of OPEC?
Turkey, Iraq, Saudi Arabia
Turkey
Which country is a part of OPEC and is located in Central America?
Venezuela
People who invest in a business or use their own money to invest in order to make a profit are called
entreprenuers
In what form of government do people actively participate by voting for others to represent them?
Democratic
What is a huge factor in an economy that involves the education and training of a country's population?
Human Capital
What are the four factors of economic growth?
Natural Resources, Human Capital, Capital Goods, and Entreprenuership
What is the approximate literacy rate in the US
76%
The percentage of people in a population that can read and write
Literacy Rate
What type of government does Israel have?
Parlimentary Democracy
What are the two ends of the Economic Continuum, at one end you have Pure _________________ and at the other you have Pure _________________
Command, Market
Why is Israel important to the Jews?
It is their religious homeland
What is the main goal of OPEC?
To make sure oil prices are fairly stable
A situation where countries need each other because they cannot produce certain goods they need
Interdependence
What continent are Israel, Turkey, and Saudi Arabia on?
Asia
Which economy is considered to have the most government influence? Which one has the highest percentage of command?
Saudi Arabia
Who has the highest GDP?
Israel
Saudi Arabia
Turkey
Saudi Arabia ($54,500)
Globalization has positives and negatives.
What is one positive and one negative?
Positives
Encourages growth, competitive markets, etc.
Negatives
Can be harmful to environments in other countries, has few regulations, can give US made products and US owned companies a disadvantage