SW Asia Economies

 Which of the following describes the economies of Israel, Turkey, and Saudi Arabia?

• market

• command

• traditional

• mixed

 Why do countries have mixed economies?

• Each part of a country has different types of money. 

• Each part of a country has a different economy

• A country’s economy has both command and market elements.

• A country’s economy has both national and state elements.

 What are the 3 basic economic questions that all economic systems must answer?

• What to produce, how to produce it, and for whom to produce the goods

• to what extent to produce, how much to produce, why to produce

Which is the BEST example of specialization? 

•  A factory builds seats that will be sold to different car manufacturers to be installed in a variety of cars.

•  A farmer grows crops, harvest crops, and sells crops to individuals and businesses.

Countries in Southwest Asia have resources and materials which allow them to produce a certain set of goods that they specialize in. What happens as a result of this specialization?. 

• Specialization in producing a set of goods encourages trade between countries.

• Countries with more resources do not want to trade with Southwest Asia because of their limited goods.

How has the creation of OPEC had an impact on the economies of its member nations? 

• it has increased their profit

• it has reduced trade barriers

All of the following are ways OPEC has affected the world oil market EXCEPT…

• taking oil from oil-rich countries and redistributing it to other countries

• setting oil prices

• selecting the countries to which oil can be exported

Which natural resource is significant to the economies of Middle East countries?

• oil

• air

• water

• land

What helps raise a country’s Gross Domestic Product?

• high literacy rate

• high population

What effect does a high literacy rate have on a country’s standard of living?

• increases the standard of living

• decreases the standard of living