ECONOMIC SYSTEMS
In this type of economy, traditions and customs have the greatest influence over what, how, and for whom goods are produced.
What is a traditional economy?
Producing the goods a country can make most efficiently and trading for other goods is known as this.
What is economic specialization?
This measurement represents the total value of goods and services produced within a country.
What is GDP (Gross Domestic Product)?
This is why GDP's of Iran and Saudi Arabia are often higher than others.
What is the control of natural resources?
Supply and demand play the biggest role in answering the three basic economic questions in this type of economy.
What is a market economy?
According to specialization, what should countries focus on producing?
What is countries should focus on producing the goods and services they are best at making, which cost them the least to produce?
(Oil in Saudi Arabia)
The knowledge, skills, education, and abilities that workers possess are known as this.
What is human capital?
This is the economic sector that Iran relies on most.
What is the financial sector?
A government decides how much of a particular product should be made. What type of economy is this most characteristic of?
What is a command economy?
A country places a tax on televisions imported from another country.
What is an example of a tariff?
This is generally why a high literacy rate affects a country's standard of living.
Israel has a relatively developed economy despite having limited natural resources compared with some of its neighbors. This is a factor that contributes to its economic development.
What is a strong financial sector and investment in technology?
This type of economy combines government control with private decision-making and market forces.
What is a mixed economy?
This type of economy is most likely to set production quotas on certain goods.
Command Economy
If a country's GDP increases significantly, what does this generally tell us about its economic production?
What is that the country is producing more goods and services / experiencing economic growth?
This industry consumes most of the Middle East's water supply.
What is agriculture?
The three basic economic questions that every economic system must answer
What is what to produce, how to produce, and for whom to produce
The good that Saudi Arabia specializes in.
What is Saudi Arabia's oil industry?
A country increases its investment in education and worker training. This is one way this could eventually contribute to a higher GDP.
More educated/skilled workers can become more productive, which can increase economic production and GDP.
This country's geographic location also has a positive influence on their GDP.
Where is Turkey?