Who takes a financial risk in starting a new business?
SS7E4-6: Southwest Asia Economic Understanding Test

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Social Studies, Geography
•
7th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
Back
Entrepreneur
2.
FLASHCARD QUESTION
Front
The number limit on how many items of a particular product can be imported from a particular country is the _______________.
Back
quota
3.
FLASHCARD QUESTION
Front
Why do most countries in the world today fall somewhere between a market and a command economy?
Back
Most countries have found they need a mix of free market and government control to be successful.
4.
FLASHCARD QUESTION
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?
5.
FLASHCARD QUESTION
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
6.
FLASHCARD QUESTION
Front
In a command economy, economic decisions are made by the ___________.
Back
government
7.
FLASHCARD QUESTION
Front
Saudi Arabia specializes in the production of: oil and olives, olives and grapes, oil and natural gas, livestock
Back
oil and natural gas
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