SW Asia Economics Study Guide

Front

As you move along the economic continuum from market to command, what happens to the amount of government involvement in the economy?

Back

It increases

Front

As you move along the economic continuum from market to command, what happens to the amount of economic freedom in the system?

Back

It decreases

Front

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

Back

Israel

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 things they need.

Front

Saudi Arabia specializes in the production of

Back

oil and natural gas

Front

Why has Israel specialized in the area of technology?

Back

It has few natural resources and little farmland.

Front

The economies of Israel, Saudi Arabia, and Turkey can best be described as:

Back

mixed

Front

In a traditional economy, how are economic decisions made?

Back

customs and traditions

Front

Where are most OPEC countries located?

Back

Southwest Asia