Specialization
When a country focuses on just one or a small number of economic activities.
Specialization
Obstacles that make trade more difficult.
Trade barriers.
What does OPEC stand for?
Organization of Petroleum Exporting Countries.
What type of government does Israel have?
Parliamentary democracy.
A country in SW Asia that specializes in oil production.
Saudi Arabia.
An example of a natural trade barrier.
Mountains or Deserts.
Name two founding members of OPEC.
Iran, Iraq, Kuwait, Saudi Arabia, or Venezuela
What is the chief executive called in Turkey?
The president
A country in SW Asia that specializes in technology.
Israel
A tax on imports.
Tariff
What is the purpose of OPEC?
To regulate the global supply and price of oil.
A government where the king holds complete power.
Absolute monarchy
A country that specializes in machinery and transport equipment.
Turkey
A ban on trade.
Embargo
How many countries are currently members of OPEC?
13 countries
In which country do citizens vote for members of the Knesset?
Israel.
Two benefits of specialization...
It leads to more efficient production and lower costs for items produced.
A limit on imported goods.
Quota
If non-OPEC countries increase oil production to bring the price of oil down, what will OPEC nations do in response.
They will decrease oil production to bring the price back up.
Describe the role of the citizen in Saudi Arabia's government.
Citizens have very little opportunity to participate and mostly do not choose the king, as it is a hereditary position.