SW Asia Economy Flashcard

Front

Under which economic system does the government make almost all of the economic decisions? Options: Command (Public), Market (Private), Traditional (Custom), Capitalist (Laws of Supply and Demand)

Back

Command (Public)

Front

In a market economy, who makes the economic decisions? Options: subsistence farmers (grow just enough to feed family), custom and habit (do what ancestors did), government planners (public control), people (productions based on supply and demand)

Back

people (productions based on supply and demand)

Front

The economies of Israel, Saudi Arabia, Turkey, and Iran could be best described as

Back

Mixed Market

Front

Where are most of the countries of OPEC located? Options: Africa, South America, North America, Southwest Asia

Back

Southwest Asia

Front

Which industry does Saudi Arabia's government specialize in? Options: Oil, technology, agriculture, textile manufacturing

Back

Oil

Front

Why have the Israelis made a big investment in human capital?

Back

They need well trained workers because their economy is diversified with advanced technology.

Front

Why was OPEC created?

Back

To regulate the supply and price of oil

Front

A tax placed on goods coming into a country from another country is known as

Back

A tariff

Front

How has Israel's lack of oil affected that country's economy?

Back

The Israelis specialize in technology and trade for what they need.

Front

If a country does not invest in its human capital, how can it affect the country's gross domestic product (GDP)?

Back

GDP may go down because poorly trained workers will not be able to do their jobs well.