Economic Systems
Which economy is dictated by supply and demand and the buyers and sellers?
What is a market economy
Which Middle Eastern country has the most free ( from government control) mixed economy?
What is Israel
Tax on imported goods
What are tariffs
Gifts of nature (from earth)
What are natural resources
What to produce? *____________________ ? * For whom to produce it?
How to produce?
This is a system in which decisions are based on customs. (Amish)
What is a Traditional Economy
People who buy goods and services
Who are consumers
Limit on imported goods
What is quota
Someone who starts a business
What is Entrepreneur
What is the main purpose of OPEC?
To make sure prices of oil remain stable.
This is a system in which a central agency owns/controls and decides what goods a country will produce. (North Korea, Cuba, and Former USSR)
What is a Command Economic System
The economies of Israel, Saudi Arabia, and Turkey can best be described as ______ economies.
What is Mixed
Complete ban on trading
What is Embargo
Education, healthcare, training
What is human capital
Why is the definition of Gross Domestic Product (GDP)?
The total amount of value of goods and services a country PRODUCES in a year.
individual people and businesses decide what, how, and how much they will produce and how the products will be distributed.
What is a Market (Free Market) Economic System
Which Southwest Asia country’s industries are under the most government control?
What is Saudi Arabia
Saudia Arabia specializes in _______
What is oil
Goods that produce more goods
What are capital goods
Exchanging money with other countries
What is foreign exchange
This has some features from traditional, command, and market economic systems. (USA and most other countries)
What is a Mixed Economic System
Largest economy in the Middle East
Private companies are active in textile, automotive, petrochemicals, and electronics
Much of the land, factories, and businesses are privately owned
Government charges taxes
Government regulations are difficult to follow, which causes corruption
Economy is 65% free
What is Turkey
Why has Israel Specialized in the area of technology?
What is Israel
A trained auto mechanic is an example of which factor of production? (What is his training referred to as?)
What is human capital
Why does international trade require a system for exchanging currencies?
What is not all currencies are worth the same amount; countries have different currencies