Producing the thing a country can make best, and trading for everything else.
Specialization
100
a system where the decisions are made by the private citizens
Market Economy
100
This country has few natural resources, but enjoys a very high standard of living
Japan
100
This country specializes in the production of oil
Saudi Arabia
100
This country has the highest GDP in Africa.
South Africa
200
Someone who is willing to take the risk of starting a new business
Entrepreneur
200
a system where the government makes all economic decisions
Command
200
This country has an almost pure command economy
North Korea
200
Group of countries that produce most of the world's oil. They control the amount of oil produced and the price of oil.
OPEC
200
This nation specializes in the production of oil
Nigeria
300
A limit on the amount of imports
Quota
300
A system where decisions are based on customs and habits
Traditional
300
This country's population is becoming more educated, especially in computer science and engineering
India
300
This country is more market, and they specialize in producing high-tech manufacturing
Israel
300
Nigeria has a new industry that builds tractors for agriculture. To protect this new industry from cheaper, foreign built tractors, Nigeria would use what type of trade barrier to increase the price of the imported tractor?
Tariff
400
A ban on trade for political or economic reasons
Embargo
400
A combination of market and command
mixed
400
This country used to have a command economy but has moved to more market.
China
400
This country does not have oil. They have a divers economy with large service, manufacturing, and agricultural sectors.
Turkey
400
This country has a very large mining industry. They mine gold, diamonds, and platinum
South Africa
500
a tax on imports
tariff
500
Education, skills, and training the workers have
Human Capital
500
This country exports large amounts of manufactured goods
China
500
Oil is the major export of Saudi Arabia to many different nations. Saudi Arabia's international trade in oil is made possible by _____________________.