Economies of Southwest Asia (The Middle East) 18-19
Terms in this set (25)
The economy of many Middle Eastern countries is based on what natural resource?
The Organization of Petroleum Exporting Countries (OPEC)
The international organization that regulates the sale of oil on the international Market.
Human resources are people working (with the skills and knowledge) to produce goods and services.
Gross Domestic Product
The economic term describes the total of all economic activity within a country in one year.
Gross Domestic Product, per capita
What economic term describes each citizen's share of a country's economic activity?
Increase in GDP (The educated people can perform higher-skilled tasks, which generate more money)
Investment in human capital results in what effect for a country's economy?
The term describes the ability of citizens to start their own businesses.
Israel (More free enterprise and private ownership of business.)
On the economic continuum, which country falls on the higher end? (Less government control of decisions.)
Saudi Arabia (Less free enterprise and private ownership of business.)
On the economic continuum, which country falls on the lower end? (More government control of decisions.)
Turkey (Free enterprise and private ownership of business is growing.)
On the economic continuum, which country is located in the center? (Some government control of decisions.)
An economy that consist of some Command and some Market.
Capitol resources are man made things we use to help us work, like factories, machines, and technologies.
Currency (money) is used to buy goods and services.
An embargo is an official ban on trade or other commercial activity with a particular country.
An entrepreneur is someone who has an idea for a good or service and takes the risk to produce it.
Industrialization means adopting (using) industrial methods (factories and machines) of manufacturing and production
Natural Resources are materials that come directly from nature.
A quota is an example of a trace barrier that sets limits on the number of a good that can be imported.
Specialization is being really good at making one or more things.
Revenue is the income a business makes from the sale of goods or services.
A tariff is a tax placed on imported and exported goods.
The sliding scale where types of economies fall between command and market.
What the currency of a nation is worth in terms of another country's currency is called the exchange rate.
Anything that blocks or slows trade between countries. The barriers can be natural( mountains, rivers, deserts) or man made (disagreements between countries)
existing or occurring inside a particular country; not foreign or international.