Middle East Economies (Adv.)

Front

Because countries cannot produce all of the goods/services that they need, they must produce something they do best. This is an example of what?

Back

Specialization

Front

______ is an organization whose purpose is to regulate the price of oil in the middle east.

Back

OPEC, opec, O.P.E.C.

Front

Saudi Arabia, Iraq, Iran, and Kuwait specialize in ______________?

Back

Oil Production

Front

________ are taxes placed on imported goods.

Back

Tariffs

Front

__________ are limits on the amount of a good that can be imported into a country.

Back

Quotas

Front

When nations refuse to trade with another country, usually a political barrier.

Back

Embargoes

Front

What is the first thing that countries must do before they can engage in international trade?

Back

Currency Exchange

Front

An economic system where all decisions are based on the government?

Back

Command

Front

An economic system where buyers and sellers answer all economic questions?

Back

Market

Front

Turkey, Israel, and Saudi Arabia all have what type of economic systems?

Back

Mixed