Economy of Southwest Asia

Who or what answers the economic questions of “What to Produce? How to Produce? For Whom to Produce?” in a mixed economy?

• Decisions are based on the traditions and customs of the society.

• Decisions are made by the government.

• Decisions are made by individual producers and consumers.

• Decisions are made by a combination of the government and individuals.

What is standard of living?

• The level of material comfort as measured by the goods, services, and luxuries available to an individual, group or nation.

• The level of goods measured by how many individuals, groups, or nations export each year.

• The measure of how long you live.

• The measure of how long you stay in school.

Which is an example of an tariff?

• China allows only 345,000 Ford Mustangs into their country each year.

• China charges 7.9% tax on Ford Mustangs imported into their country.

• China refuses to buy Ford Mustangs from the USA.

• China puts a tax on all exports to the USA.

Which is an example of an embargo?

• China allows only 345,000 Ford Mustangs into their country each year.

• China charges 7.9% tax on Ford Mustangs imported into their country.

• China refuses to buy Ford Mustangs from the USA.

• China puts a tax on all exports to the USA.

Which is an example of a quota?

• China allows only 345,000 Ford Mustangs into their country each year.

• China charges 7.9% tax on Ford Mustangs imported into their country.

• China refuses to buy Ford Mustangs from the USA.

• China puts a tax on all exports to the USA.

The diagram shows an economic continuum. Which letter on the continuum represents where a Pure Market economy would most likely be located.

<-----A------B------------------------------C---------------------------------D-->

Total Government No Government

Control Control

• A

• B

• C

• D

Who or what answers the economic questions of “What to Produce? How to Produce? For Whom to Produce?” in a traditional economy?

• Decisions are based on the traditions and customs of the society.

• Decisions are made by the government.

• Decisions are made by individual producers and consumers.

• Decisions are made by a combination of the government and individuals.

The economies of Israel, Saudi Arabia, Turkey, and Iran can best be described as:

• traditional

• command

• market

• mixed

An export is a

• Good/service brought into a country
• Good/service sent to another country
• Good brought into a country

What is "economic specialization"?

• directly swapping goods from one country to another without having to use money
• trying to avoid investing in industry and technology because of the expense involved
• producing all goods and services needed for a country's growth, so that trade with other countries is not needed
• producing those goods a country can make most efficiently so they can trade them for goods made by others that cannot be produced locally