Unit 3 - Middle East Government & Econ.

Even though they don't have a lot of oil, this country has managed to raise their standard of living through education, healthcare, and technology

• Turkey
• Israel
• Saudi Arabia

Someone that takes risks and opens his or her own business.

• Buyer
• Capital Good
• Consumer
• Entrepreneur

In a command economy, how are economic decisions made?

• Custom and habit.
• Government planners
• Consumers and the markets.
• Combination of consumers and government planners.

Which would be a problem for a country with a traditional economy?

• The supply of cash runs short in times of economic crisis.
• People find they can trade services more easily than goods.
• A farmer having an especially good year with lots of grain to trade.
• People need things and are unable to barter to obtain them.

Why do most economies today operate somewhere between a market economy and a command economy?

• Government control makes a market economy more profitable.
• Most consumers prefer government control to a free market system.
• Government control of some aspects of the economy has never been successful in the modern world.
• Most economies have found they need a mix of free markets and some government control to be successful.

People in a traditional economy will use _________ to obtain goods.

• Government
• Entrepreneurs
• Capitalism
• Bartering

A mixed economy is a combination of which two?

• Traditional & command
• Command & market
• Market & Traditional
• None of the above

In a market economy, how are economic decisions made?

• Government planners & customs
• Custom and habit.
• Government planners
• Buyers & sellers

Anything that slows down or prevents one country from exchanging goods with another

• import
• export
• trade barrier
• opportunity cost

Total market value of all goods and services produced in a country in a given year

• Literacy
• GDP
• Inflation
• Wages