Key Terms
I am a mix of private and government Roles.
What is a Mixed economy?
What does OPEC stand for?
What is The Organization of the Petroleum Exporting Countries?
What is a Tariff
A government ruled by a king or queen is known as this.
What is a monarchy?
What type of economy does Israel have?
What is a Mixed economy?
Starting innovative businesses.
What is Entrepreneurship?
What does OPEC do?
What is controlling oil and petroleum policies?
A limit on imported quantities?
What is a Quota?
In a parliamentary democracy, the head of government is chosen by this group.
What is the legislature?
What do we call an economy that blends elements of both command and market systems?
What is a mixed economy?
Coordinates petroleum policies.
What is OPEC?
What are the two main countries that are in OPEC?
What is Saudi Arabia and Venezuela?
A ban on trade?
What is an Embargo?
A government with one ruler who has total control is known as this type of system.
What is an autocracy?
Which country ( Out of Turkey, Israel, and Saudi Arabia) Has a 65% market economy?
What is Turkey?
A limit on a quantity of imports.
What is a Ouota?
When OPEC reduces oil production, this usually happens to global oil prices.
What is, they usually increase?
What are the primary differences between tariffs, quotas, and embargoes?
What is, tariffs are taxes on imports, quotas are quantity limits on imported goods, and embargoes are total or partial trade bans.
In Israel, citizens vote for this group instead of individual leaders.
What is legislative?
Which country specializes in technologies?
What is Israel?
Allows trade between countries with different currencies.
What is Currency Exchange System?
What economic and political issues can arise due to the unequal distribution of oil?
What is, unequal oil distribution creates economic problems?
Why is currency exchange necessary when engaging in international trade between countries?
What is because each country uses its own legal tender?
Saudi Arabia is ruled by a king, making it this type of government.
What is a Monarchy?
Which country's natural resources is oil?
What is Saudi Arabia?