SW Asia Economy (L-Class)

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

• Buyer
• Capital Good
• Consumer
• Entrepreneur

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

• import
• export
• trade barrier
• opportunity cost

Economy based on private ownership, free trade, and competition

• Traditional
• Mixed
• Market
• Command

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

• Literacy
• GDP
• Inflation
• Wages

Saudi Arabia puts a LIMIT on how many vehicles Japan can ship to their country. This is an example of: 

• Quota
• Embargo
• Tariff
• Specialization

Japan was known for making automobiles and technological computers/machines this is known as.. 

• human capital
• capital goods
• natural resource
• specialization

If OPEC decides to reduce oil production for the next year, what will most likely happen?

• the price of oil will not change

• oil prices will probably go up

• the price of oil will most likely go down

• OPEC has no control over how much oil is produced

Tariffs, quotas, and embargoes are all examples of?

• Voluntary trade

• Currency exchange

• OPEC

• Trade barriers

A trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy.

• quota

• tariff

• natural trade barriers

• embargo

A trade barrier that is a tax placed on goods when they are brought into one country from another country.

• quota

• tariff

• natural trade barriers

• embargo