Economic Systems of Southwest Asia - 7th Grade GA

What is SPECIALIZATION?

• Producing all goods that the country needs so that trade with other countries is not necessary
• Producing goods a country can make most easily so that they can trade for goods that they can't produce themselves
• Directly trading goods with another country without having to use money
• Not investing in capital goods because it costs too much

When studying the similarities of traditional, command and mixed economies one must ask: What should be produced, how it should be produced, and for whom is it being produced.

• True
• False

SPECIALIZATION is very important to international trade today because...

• It helps keep prices low on imported goods
• It controls the amount of agriculture a country allows
• Most countries only make one product really well
• It allows workers to do a better job creating what they make best and then trade for the things that they may need

Saudi Arabia specializes in the production of ..

• Oil
• Oil and Natural Gas
• Natural Gas
• Livestock

Israel, Saudi Arabia, Turkey, and Iran all have what type of economy?

• Comman
• Mixed
• Traditional
• Market

Israel specializes in the area of technology because they have MANY natural resources and VAST farmlands.

• True
• False

Israel specializes in the area of technology because they have few natural resources and little farmlands.

• True
• False

In a TRADITIONAL economy decisions about the country's economy are made by...

• Customs and traditions
• Government leaders
• Consumers
• A mixture of consumers and government leaders

Most OPEC countries are located in...

• North America
• Africa
• Southwest Asia
• Southern and Eastern Asia

OPEC was created to ...

• help Palestinian Arabs with problems with Israeli Jews
• regulate the supply and price of oil
• to keep non-members from producing any oil.