6th GRADE SW Asia/NC Africa Economics

The most important economic sector and natural resource for several countries in North Africa and Southwest

Asia is oil production. There are 14 members of OPEC (Organization of Petroleum Exporting Countries). What was the primary purpose OPEC was formed in 1960?

• to form a monopoly

• to compete with large privately owned oil companies (strength in numbers).

• to solve the oil shortage problem

• to provide oil discounts to poor countries

Iran has an economic system where the government decides what, how, and for whom goods and services will be produced. The government also determines the price for all products. The government controls 60% of the economy through its state-controlled enterprises.

What type of economic system does Iran have?

• Traditional

• Socialism

• Free Market

• Communism

This type of economic system is where the major businesses such as railroads, airlines, and utility companies are owned by the government. Citizens are encouraged to have private ownership of small businesses, while the government controls and runs the major industries and businesses.

What type of economic system is described?

• Socialism

• Free Market

• Communism

• Traditional

Something, such as a forest, a mineral deposit, or fresh water, that is found in nature and is necessary or useful to humans.

• economic resource

• natural resource

• governmental resources

• human resources

China and India lead in the global renewable energy transition by expanding the use of solar panels and wind turbines. What type of resource are solar and wind energy considered?

• cycle able

• non-renewable resource

• renewable resource

• recyclable resource

Saudi Arabia continues to be among the top three oil producing countries in the world along with Russia and the United States (2019). Saudi Arabia has the largest oil reserves among OPEC countries. What type of energy source is oil considered?

• recycle-able resource

• solar resource

• renewable resource

• non-renewable resource

In North Africa and Central Asia their is a shortage of fresh water. Technology is being used in a process called Desalination which is a well established method of removing salts from water in order to produce process water, ultrapure or potable water.

Based off what you just read, what problem is North Africa and Central Asia facing?

• abundance

• scarcity

• overpopulation

• declining birth rates

Wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.

• resources

• labor

• entrepreneurship

• capital

A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

• labor

• entrepreneur

• capital

• business

This economic system is rural and farm based. The people produce and use what they make. Mostly trading (barter system) to meet their needs and there is no government involvement at all.

What economic system am I?

• communism

• free market

• socialism

• traditional