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QR Challenge: Middle East Economics

QuestionAnswer
Economya system by which business owners in a region use productive resources to provide goods and services that satisfy people’s wants.
Command EconomyAn economy in which a government planning groups makes most of the basic economic decisions for the workers
Market EconomyAn economy in which society’s economic decisions are made by individuals who decide what to produce and what to buy
Traditional EconomyAn economy in which most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the past
Mixed EconomyAn economy that has characteristics of both market and command economic systems
Specializationthe products that a country makes best and that one in demand on the world market
Trade barrieranything that slows down or prevents one country from exchanging goods with another
Tariffa tax placed on goods when they are brought into one country from another county.
Quotaa way of limiting the amount of foreign goods that can come into a country
Embargoa trade barrier in which one country announces that it will no longer trade with another country in order to isolate and causes problems with that country’s economy.
Currencysomething that is used as a medium of exchange- example: money
Human Capitalthe knowledge and skills that make it possible for workers to earn a living producing goods or services
Capital Goodsthe factories, machines, and technology that people use to make products to sell
Entrepreneurcreative, original thinkers who are willing to take risks to create new businesses and products
Gross Domestic Product (GDP)the value of all the final goods and services produced within a nation in a given year.
Organization of Petroleum Exporting Countries (OPEC)founded to set oil prices and policies
Barteringtrading without using money
What are the three economic questions that countries must answer when creating an economic planWhat to produce? How to produce? For whom to produce?
What are decisions based on in: Traditional economy, Command economy, and Market economyTraditional- customs, traditions, beliefs of the past; Command- based on government decisions;Market- the changes in prices that occur as buys and sellers interact in the market place
How many true market economies are found in the world today0
How many true command economies are found in the world today0
In a command economy what four things does the government doOwns most property, Determines wages, Plans what will be made, Sets prices
In a market economy with no government involvement what two things could occurNo laws to make sure goods and services are safe;No laws to protect workers from unfair bosses
What type of economy do you find in Turkey, Israel, and Saudi ArabiaMixed
What country in the Middle East has the most diversified economyIsrael
Since Saudi Arabia became a country in 1932- what three economic systems have they hadTraditional, command, mixed
What struggles do each of the three countries (Turkey, Israel, Saudi Arabia) face dealing with their economyIsrael- conflict with neighboring countries, cost of building and maintaining national security, immigrates coming into the country;Saudi Arabia- most of their income comes from oil, high unemployment rate, does not have many skilled -natives living in the country;Turkey- country is in both Europe and Asia, wants to be part of the European Union due to trading with European countries- Turkey is considered a developing country so they are unable to join the EU
What is this an example of: The 5% tax placed on items being shipped from Brazil the United StatesTariff
What is this an example of: Italy is only allowed to import 500 Nike Shoes from ChinaQuota
What is this an example of: Australia will not import cat food from India because India does not have safety regulations on how the food is produced and the food they were buying is making cats sickEmbargo
Sheetul goes out and hunts for dinner for his next family’s meal. He hopes he will catch something tonightTradition economy
The Sony Corporation wants to release a new, more innovative TV than ever before! Sony doesn’t have to ask the central government if they have to pay a tax on this new productMarket Economy
Johnny lives in a democratic nation, but the government still regulates certain industries like the postal service and militaryMixed Economy
The government makes all the economic decisions for the countryCommand Economy

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