Economics of Southwest Asia

OPEC is the Organization of the Petroleum Exporting Countries, founded in 1960 by Saudi Arabia, Iran, Kuwait, and Venezuela. What are OPECs goals?

• Unify oil policies of member countries

• provide steady income from oil sales to its members

• Stabilize world's oil markets, ensure reliable oil supply for consumers

• All of the Above

In this lesson, we learned about Literacy rate and Standard of Living. Why is literacy rates and Standard of Living looked at while determining ones GPD per capita?

The total amount of the home country's goods and services produced in a year is...

(a)  

True or False. It takes 28 days for the people of Israel to start a new business.

(a)  

What is one of the top export items in Turkey?

• Diamonds

• Delivery Trucks

• Oil

• Petroleum

The 4 Factors of Productions are ...

Click ALL that apply.

• Human Capital

• Entrepreneurship

• Natural Resources

• Salary

• Capital Goods

G.D.P stands for...

(Use proper grammar in order to get your point!)

(a)  

Answer explanation

Remember from Ms. Leftwich's chart and our notes that G.D.P. stands for Gross Domestic Product which is the total amount of the home country's goods and services produced in a year.

What is the definition of Standard of Living?

• Level of wealth and material comfort available in a country

• The value of what is given up when one choice is made over another.

• The way in which a country produces and distributes goods and services

• I have no Idea what Standard of Living is!

The term for what each individual within the home country earns is...

(a)  

Look at this image here. Based on what we know, what can you infer about Southwest Asia's (the group of countries furthest to the left <--) literacy rate?

Answer explanation

One inference can be that Israel's literacy rate is higher than anyone else's in the Southwest Asian location.