Vocabulary
A formal written agreement between countries
What is Treaty
Every economic system must answer three basic economic questions.
What is what to produce, how to produce, and for whom to produce.
The number of people living in a specific amount of space (how crowded it is).
What is Population Density
The world's most important oil chokepoint, connecting the Persian Gulf to the Arabian Sea.
What is Strait of Hormuz
When there is not enough of a resource.
What is Scarcity
An agreement where both sides give up something to get something.
What is Compromise
A Tariff is
What is a tax on all trade or imported goods
A river forming part of the border between Israel and Jordan; central to several conflicts.
What is Jordan River
the education, skills, and training that workers have.
What is Human Capital
GDP pe capita is ...
What is the average income per person in a country; a measure of wealth.
A limit on imported goods
What is Quota
A major river of Mesopotamia that flows through Turkey, Syria, and Iraq.
What is Euphrates River
trade that benefits both parties so that both countries are better off.
What is Voluntary Trade
A command economy has these views on production
Government controls all
A major river that flows through Turkey, Syria, and Iraq, joining the Euphrates near the Persian Gulf.
What is Tigris River
A narrow point that restricts the flow of traffic, trade, or resources.
What is Bottleneck
the path a product takes from raw materials to finished good, often crossing multiple countries.
What is Supply Chain
A long period of time with no rain.
What is Drought
The man-made shortcut between the Red Sea and the Mediterranean.
What is Suez Canal
A response that addresses and refutes a counterargument.
What is Rebuttal