SW Asia Economic Understandings

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

Why is specialization so valuable to international trade today?

Back

Specialization allows people to do a more efficient job at producing what they make best and trade for the things they need.

Front

In a traditional economy, how are economic decisions made?

Back

Customs and traditions

Front

What is the definition of Gross Domestic Product (GDP)?

Back

The total value of all the goods and services a country produces in a year

Front

Tariffs and quotas are alike because they both __________________.

Back

restrict or limit trade between countries.

Front

A person who takes risks by starting a new business is known as a(n):

Back

Entrepreneur

Front

Where are most OPEC countries located?

Back

SW Asia

Front

What happens to the price of oil when OPEC countries decide to reduce production?

Back

Oil prices increase

Front

Why was OPEC created?

Back

To regulate the price and supply of oil

Front

Which Middle Eastern economy has the most free (from government control) mixed economy?

Back

Israel