Economies of the Middle East

Which is a traditional economy?

• Working for the government

• Starting your own business

• Opening up whatever business people want

• Working the same job as your parents to have the basics to survive

How do command economies prioritize the interests of different groups

• They care about what the government wants

• They care about what the people want

• They care about what private businesses want

• All of the above

Which economy is most common in the Middle East

• Pure Command Economy

• Mixed economy

• Pure Market economy

• Traditional economy

What is a mixed economy

• An economy where the government does everything

• An economy where the market does everything

• An economy with both market and command parts

• An economy with a large agricultural sector.

What does Saudi Arabia's economy rely on?

• Oil

• Fishing

• Steel making

• Car manufacturing

What should a country specialize in?

• Goods that people don't need

• Goods that they can make the most efficiently

• Goods they can use with the fewest resources

• Goods that their trade partners specialize in

Why does specialization encourage voluntary trade?

• Countries make everything they need so they don't trade

• Countries can make what they do best and trade for the rest

• Countries can trade the same things with each other

• Countries can trade natural resources

How to trade barriers impact an economy?

• They encourage citizens to buy domestic products

• They encourage citizens to buy foreign products

• They increase economic freedom

• They don't impact anything

What is a quota?

• A ban on trading goods

• A tax on imported goods

• A tax on exported goods

• A limit on the amount of goods that can enter a country

Mohammed lives in Egypt. He travels to Saudi Arabia for work. What he does need to do before he buys anything?

• Pay money to Saudi government

• Pay money to the Egyptian government

• Exchange his Egyptian money to Saudi money

• Become a Saudi citizen