SWA Econ Flashcard 2024

Front

Land, labor, capital, and entrepreneurship are

Back

factors of production.

Front

This map is depicting which international economic organization?

Back

OPEC

Front

In this type of economic system, the government controls all aspects of the economy and makes all decisions about what goods will be produced, who will produce them, and how they will be produced.

Back

command

Front

In this type of economic system, the production of goods and services is controlled solely by the concept of supply and demand, businesses are operated for profit, and the government is not involved.

Back

market

Front

When determining standard of living in a country, which indicator will be the most practical and reliable? Options: GDP, per capita GDP, unemployment rate, unemployment rate per capita

Back

per capita GDP

Front

Which Middle Eastern country would you expect to have an economy that is more market-based than command-based? Options: Iran, Japan, Israel, Saudi Arabia

Back

Israel

Front

This is the name for a category of trade barriers that a country may impose on another country or countries.

Back

Sanction

Front

This is the process of prohibiting commerce and trade with another country. This is often done to affect the country to change an internal policy.

Back

Embargo

Front

This is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.

Back

Quota

Front

This is a tax on imported goods and is usually designed to protect domestic production of similar goods.

Back

Tariff