SW Asia Economies+

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

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

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

• Traditional
• Pure Market
• Mixed Command
• Mixed Market

Which industry does Saudi Arabia's government specialize in?

• Oil
• technology
• agriculture
• textile manufacturing

In a market economy, who makes the economic decisions?

• subsistence farmers (grow just enough to feed family)
• custom and habit (do what ancestors did)
• government planners (public control)
• people (productions based on supply and demand)

If a country does not invest in its human capital, how can it affect the country's gross domestic product (GDP)?

• Investment in human capital has little effect on the GDP.
• Most workers want to keep their jobs and do not care about the GDP.
• GDP is only affected if workers pay for the investment out of their own pocket.
• GDP may go down because poorly trained workers will not be able to do their jobs well.