Unit 4: Economics of Southwest Asia

Front

Who takes a financial risk in starting a new business?

Back

Entrepreneur

Front

The number limit on how many items of a particular product can be imported from a particular country is the _______________.

Back

quota

Front

What 3 economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

Back

What to produce, how to produce, and for whom to produce?

Front

What is ‘specialization’?

Back

Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally

Front

In a command economy, economic decisions are made by the ___________.

Back

government

Front

Saudi Arabia specializes in the production of: oil and olives, olives and grapes, oil and natural gas, livestock

Back

oil and natural gas

Front

The economies of Israel, Saudi Arabia, Turkey, and Iran can best be described as: traditional, command, market, mixed

Back

mixed

Front

After Iraq invaded Kuwait, the United Nations used this trade barrier to stop other countries from trading with Iraq:

Back

embargo

Front

The relationship between the literacy rate and standard of living in Southwest Asia is _________.

Back

The higher the literacy rate the higher the standard of living.

Front

If Saudi Arabia’s government puts a limit on how much Israeli Dead Sea salt it will import this year, what trade barrier is this?

Back

quota