Types of Economic Systems
What type of economic system is ruled by the government?
Command economy
This country's economy has been struggling because it has to spend most of its budget on security and armed forces
Israel
Who takes on the financial risk in starting a new business in a market economy?
Entrepreneur
Gifts of nature
Natural resources
What type of economic system combines private and public enterprise.
This country is one of the world's leading exporters of polished diamonds.
Israel
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 customs and family habits
Traditional economy
What country has the highest unemployment rate and lacks skilled workers?
Saudi Arabia
What are the four factors of economic growth
Natural resources, Human Capital, Capital Goods, Entrepreneur
Which type of economic system does the consumers and corporations answer the economic questions?
Market Economy
An efficient way to produce goods and encourages trade among countries because none can produce everything they need
specialization
Which country among Israel, Saudi Arabia, and Turkey has an economy closest to a mixed system
Turkey
Which country would be the hardest to start a business in Southwest Asia
Saudi Arabia
Used to determine how rich or how poor a country is
GDP (Gross Domestic Product)
What does OPEC stand for and name at least two member countries
Organization of Petroleum Exporting Countries. Iran, Iraq, Saudi Arabia, Kuwait,
What country relies on its agriculture and service sectors to support its economy
Turkey
Draw the economic continuum and place where Israel, Saudi Arabia, and Turkey fall on it
Saudi Arabia far left, Turkey close to middle, and Israel on right