Southwest Asia Economics

Front

What is a Traditional Economic system based on?

Back

Customs and Traditions

Front

How are Market Economies controlled by the people?

Back

Supply & Demand

Front

Economic decisions are based on customs and beliefs of the past. Uses bartering to exchange goods.

Back

Traditional Economy

Front

_____________ is another word for trading.

Back

Bartering

Front

What is the primary role of OPEC?

Back

To control the volume and price of oil in the world market

Front

What is human capital?

Back

The skills, knowledge, and experience possessed by an individual

Front

What is the literacy rate?

Back

The amount of people over 15 in a country that can read and write.

Front

An entrepreneur invests their own _____ into their business. Options: Money, Time, Resources

Back

Money, Time, Resources

Front

Capital goods are…

Back

Factories, tools, and machines used to produce other goods and products

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.