Types of Economic Systems
What type of economic system is ruled by the government planners?
Command economy
an organization of oil producing countries (mostly in Southwest Asia) that regulates the supply and price of oil on the world market.
OPEC
In what government system do the citizens elect a President to lead the country
Presidential democracy
Who takes on the financial risk in starting a new business in a market economy?
Entrepreneur
What type of economic system combines private and public enterprise.
What type of economic system does Turkey have?
Turkey/mixed leaning command
What type of government system is led by a King or Queen?
Monarchy
to determine the price of one country's currency in terms of another country's currency
currency exchange
Which type of economic system does the economy work based on custom.
Name the country and the type of economy based on the description provided: A Southwest Asia country whose economy is extremely dependent upon oil and gas revenues. Economic score of 64%
Saudi Arabia/mixed leaning command
What type of government does Israel have?
Parliamentary Democracy
Economic ______is an efficient way to work and encourages trade among countries.
Specialization
Which type of economic system does the consumers and market choose what to produce, how to produce, and whom to produce it for?
Market Economy
What type of trade barrier did the U.S. have on Iraq in 1990?
Embargo
Which country among Israel, Saudi Arabia, and Turkey has an economy closest to a free market system?
Israel
Who is the head of government in a Parliamentary Democracy?
Prime Minister
Embargoes are sometimes done to protect the supply or value of a country's goods, but they can also be used as a strategy against other countries who wish to trade for those goods. Why do countries impose embargoes?
to declare war OR to punish the countries the embargo has been declared against
To punish the country it is placed against
Which would be a problem for a country with a traditional economy?
people need things and are unable to barter (trade) to get them
What is one of Turkey's main economic challenges?
Desire to join the EU despite economic disparities
What is the name of Israel's legislature/parliament
The Knesset
What has been a challenge to Israel's economy?
Constant conflict and security issues with surrounding countries