SW Asia Economics

In Southwest Asia (the Middle East) and anywhere else in the world, no country has every productive resource available in endless supply? True or False

• True

• False

Most countries in Southwest Asia have what kind of economy?

• traditional

• command

• pure

• mixed

A traditional economy is based on what?

• short term trading relationships with other countries

• long- standing customs and values

• dictated by the government

• chosen by the people and their needs and wants

A command economy is based on what?

• cultures and values

• dictated by government controls and regulations

• control of the citizens

• king and queen demands

Mixed economies fall somewhere in between pure command and pure market on the continuum? True or False

• True

• False

A market economic system is based on what?

• dicatorship by the government,

• long-standing customs and values

• what customers want to buy and producers want to sell

• both what the citizens want and government regulated

Which country has the largest mixed economy in the Middle East?

• Saudi Arabia

• Iran

• Turkey

• Israel

What are the 3 questions countries need to ask in when setting up their economic system up?

• what to produce, where to produce, how to produce

• what to produce, who is going to produce it, how to produce

• what kind of producing, where to produce, how to produce

• what to produce, how to produce, for whom to produce

What does standard of living mean?

• how to live where you are living

• different levels of living for different people

• standards of how everyone should live in countries

• levels of wealth and material comfort available in a country

Natural resources play a key role in?

• any country's economy

• ways to live

• control farming

• investments and standard of living