Economic Systems/Specialization
What is the most common economic system to most countries around the world?
What is called when their is a natural or man-made barrier to voluntary trade?
Trade barrier
True or False: The United States is a member of OPEC
False
How can you make sure that a countries Standard of Living stays high?
Make sure a countries Literacy Rates stay high
1. How does investing into machines and factories make it better for the economy?
2. And what is the official term used for the machines and factories from a economic standpoint?
(must get both parts correct to win the points)
1. Companies are able to produce goods quicker
2. Capital Goods
What kind of economic system do our three focus countries have and which side do they lean towards?
(Must get both parts correct to win the points)
mixed economies leaning towards market
The newest Jordan brand shoes are to release in the US a week after they come from Vietnam. What does the government have to apply on the shoes because they were made out of country?
a tariff
What is the shorter version of the Organization of the Petroleum Exporting Countries?
OPEC
What does it mean when investing in Human Capital?
A country is investing in its workforce to be educated and/or trained in various skills
What does it mean when investing in Capital Goods?
A country is investing in factories, machines, buildings to the latest
What is one of the products that many Southwest Asia countries specialize in?
Oil
If a country bans all trading with another country, what is this called?
Embargo
What is OPEC's primary goal?
to make sure oil prices are secure
Khalid Al Khudair is the founder Glowork which is a women empowerment organization that has created thousands of jobs for women. What title would be provide to Khalid?
an entrepreneur
Ralph Debbas is the CEO of W Motors, which is the first Arab sports car company. How did W Motors help the economy
Creating new jobs and Ralph Debbas took a risk and started his own business.
North Korea has had a long history of an autocratic government. Which economic system do we associate with most autocratic governments?
command
Israel wants to provide their citizens with the option to buy Turkish rugs, however they will only allow 500 Turkish rugs be imported into Israel. What trade barrier has Israel imposed on Turkey?
quota
TRUE or FALSE: OPEC did not allow anyone to have a say in the price of oil
False
Explain how human capital is connected to the gross domestic product
the more a country invest in it's human capital, the better educated and trained the workforce would be, which would led to higher paying jobs and more productivity
Explain how capital goods is connected to the gross domestic product
the more a country invest in it's capital goods such as machines and factories, the more skilled workers can produce goods and services
Saudi Arabia
In the early 90s, Iraq were sanctioned by the United Nations. What was the sanction called?
An embargo
OPEC stands for......
the Organization of the Petroleum Exporting Countries
Israel has a literacy rate of 99%
Saudi Arabia and Turkey have literacy rates of 95%
How does this help the economy?
those who can read and write can get better paying jobs.
Investing in capital goods can help which aspect of economic growth?
Gross Domestic Product or GDP
What are two advantages to specialization?
lower cost and quicker production
John's company deals with computer chips which are manufactured in China. In China, the chip will sell for $50, however in the United States they will sell for $125. What is the reason behind this?
The chip was produced in China and since it came to the US, they have to put a tariff on it before selling in the US. John's company will also want to make a profit onto it so they will charge a little more
The Organization of Petroleum Exporting Countries consists of which 5 countries?
(Must get all the countries to win the points)Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela
Investing in human capital can help which aspect of economic growth?
Gross Domestic Product or GDP
Out of our three focus countries, which country has more start-up companies?
Israel