Trade Barriers
This is a tax on an import
What is a Tariff?
Gold, oil, water, and arable land are examples of this factor of growth.
What are Natural Resources?
This is who answers the economic questions in a Command Economy.
Who is the government?
The following statement answers which basic question:
One of Saudi Arabia's most plentiful resources is oil.
What is What to produce?
This product is what all OPEC countries export.
What is petroleum/oil?
This is a limit on an imported good
What is a quota?
Tractors, machinery, infrastructure, and factories are examples of this factor of economic growth.
What are capital goods?
This is the type of government where there is NO government control.
What is a market economy?
The following statement answers which basic question:
People all over the world use products made with petroleum.
What is For Whom to produce?
This is what OPEC stands for.
What is the "Organization of Petroleum Exporting Countries?"
This is an end to trade or a complete ban on trade with a country.
What is an embargo?
Education, healthcare, and job training are examples of this factor of economic growth.
What is Human Capital?
In this economic system, people follow the occupation of their ancestors.
What is a traditional economy?
The following statement answers which basic question:
Saudi Arabia has invested in building the most technologically advanced refining plants.
What is How to produce?
This is the only founding member of OPEC that was not in the Middle East.
What is Venezuela?
These trade barriers are used to protect domestic industries.
What are quotas and tariffs?
This term is used for the percentage of people who can read and write.
What is Literacy Rate?
Most democratic nations have this type of economic system.
What is mixed?
This is the term for limiting production to what can be done efficiently.
What is specialization?
This is what happens when OPEC reduces oil production.
What is the prices go up?
This trade barrier is used to pressure a country to change.
What is an embargo?
This is what "GDP per capita" means.
What is "the value of goods and services produced in a country in a year divided by that country's population?"
This is the type of economic system where it's easiest to start a business.
What is a market economy?
This is what you must do before you can purchase goods or services in a foreign country.
What is exchange currency?
This is who OPEC placed an embargo on in 1973.
Who is the USA?