Key Terms
The following are statements taken from which economic organization in SW Asia?
- to coordinate and unify the petroleum (oil) policies
- ensure the stabilization of oil markets
- [provide] a regular supply of petroleum to consumers, [and] a steady income to producers...
OPEC
This type of democracy allows voters to directly elect the president and legislators
Presidential democracy
Why do countries with high levels of investment in capital goods tend to experience economic growth?
When a county puts a tax on a good.
What is a Tarrif?
What do countries specialize in?
What is resources and skills?
Education/skills of workers
Human Capital
In this system, the legislature chooses the prime minister as head of government
Parliamentary democracy
Which of the following describes the relationship between oil production and Middle Eastern nations' gross domestic products (GDP)?
The higher the production of oil, the higher the nation's GDP.
What is it called when countries use different money to trade?
What is currency exchange?
What does Saudi Arabia specialize in?
What is oil?
Can produce efficiently, trade for other goods.
Specialization & Trade
A king or queen rules this type of government?
Monarchy
What type of economy is found in Saudi Arabia?
Mixed economy
When a country puts a ban on trade with another country.
What is a embargo?
What does Israel specialize in?
What is Tech?
This system allows countries with different currencies to trade with each other
Currency exchange system
Saudi Arabia has this type of government.
Absolute Monarchy
What type of economy does Israel have?
A 70% market and 30% command economy/Mixed Economy.
What can raise production costs?
What is standards and regulations?
When a country focuses on exporting a certain good or resources is called?
What is Specialization and trade?
Machines, tools, and infrastructure used to produce goods fall under this category
Capital goods
A government that one person has all the power.
What is a dictatorship?
What type of economy is when the government has total control and power, and private ownership and citizens don't have any power?
What is a command economy?
When a country puts a limit on a export.
What is a quota?
What does Turkey specialize in?
What is tectiles and agriculture?