SW Asia Economics vocab

Education, skills, and training the workers have

• capital goods

• economic system

• tariff

• human capital

Someone who is willing to take a risk to begin a new business

• Entrepreneur

• Natural resources

• Embargo

• Trade barrier

IN THIS ECONOMIC SYSTEM, decisions are made by the private citizens with NO government regulation.

• Command

• Market

• Mixed

• Traditional

A cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.

• EPIC

• FBLA

• ECON

• OPEC

Gifts of nature

• Natural resources

• Command economy

• Literacy rate

• Tariff

AN ECONOMIC SYSTEM in which the government makes and controls ALL economic decisions

• Market

• Command

• Traditional

• Mixed

The ability of the people over the age of 15 to read and write

• Command economy

• Exchange rate

• Embargo

• Literacy rate

A tax on imported goods

• Embargo

• Trade barriers

• Tariff

• Quota

An organization created from a formal agreement between a group of producers of a good or service to regulate supply or manipulate prices.

• Natural resources

• Embargo

• Cartel

• Literacy rate

The value of a currency in one country compared with the value of another

• Trade barrier

• Exchange rate

• Traditional economy

• Quota