Specialization
When a countries focus on producing certain goods and/or services
What is specialization?
This country's economy is primarily based on oil.
What is Saudi Arabia?
The Sahara Desert makes it difficult to trade/travel, so they must have special transportation; this is an example of which trade barrier?
What is Physical Barrier?
Trees, Oil, Water, and Air; are all examples of what Factor of Growth?
What is a Natural Resource?
What is the amount of people that can read and write over the age of 15, in a country.
What is Literacy Rate?
What does it mean to diversify an economy?
They have many different ways to create income, many products/services.
This country has a highly diversified economy. This means that they have multiple sources to grow its economy. It excels in technology and innovation, with a strong focus on research and development.
What is Israel?
Country B decides to add an import tax of $1.05 per pound, to all poultry. What trade barrier is in place?
What is a tax?
When countries invest in more factories, tractors, cars, phones, or high-tech medical equipment; they are improving what factor of economic growth?
What is capital goods?
Define public sector.
What is when a business is ran/regulated by the government?
How does specialization encourage trade?
Countries trade to get goods they can't make or produce in their country.
This country presents a mixed economic system that combines elements of both market and command economies; this country economy benefits from its strategic location, linking Europe and Asia, facilitating trade in natural gas and other goods.
What is Turkey?
Country A will only allow 100 pounds of silver to be imported per month. What type of Trade barrier is in place?
What is a quota?
Providing health care, family benefits, and more training and education are all investments in what factor of economic growth?
What is Human Capital?
Define Private sector.
What is when a business is ran/regulated by a citizen?
How does Israel deal with it's lack of natural resources?
By investing in technologies to improve agriculture and water management.
By diversifying and specializing in the products that they can and do make very well.
This country's economy, much like Saudi Arabia's, is significantly influenced by its oil and natural gas resources. However, international sanctions, because of their nuclear program, have further strained the economy.
What is Iran?
The U.S. prohibits all copper imports from country X, because they find out this country is breaking child labor laws. What kind of Trade Barrier is this?
What is an Embargo?
The person who thinks of new ways to combine natural, human, and capital resources to take a risk produce goods and services that they expect to sell for a price high enough to cover production costs; is called a what?
What is an entrepreneur?
What is the primary function of the Organization of Petroleum Exporting Countries (OPEC) in Southwest Asia?
What produce a certain amount of oil in order to set the price on the world market?
Why do countries specialize in a product?
A country can get really good at making certian products and then sell those to make money. Then they can use that money to buy products that they cant make themselves
County A leans heavily on oil and a command economy, Country B thrives on diversification and private enterprise. Country C balances market and command elements, while Country D struggles with sanctions yet maintains a diverse industrial base
A: Saudi Arabia
B: Israel
C: Turkey
D: Iran
Why do countries impose trade barriers like tariffs, quotas, and embargoes?
They encourage citizens to buy more domestic products.
or
To punish countries and to protect domestic producers.
Investing in THIS raises a country’s overall standard of living, creates jobs and economic security for more people; THIS can benefit the economies of other countries through increased trade. What is being described?
What is Economic Growth?
Define the 3 types of of Economy.
traditional economy -an economic system in which traditions and customs answer the 3 economic questions
market economy - an economic system in which supply and demand answer the 3 economic questions
command economy- an economic system in which the government answers the 3 economic questions