sw asia Flashcards
(27 cards)
north korea would be most closely associated with what economic system?
command
what type of economic system makes decisions by doing whatever was done in the past?
traditional
in what type of economic system dies the government make all of the decisions?
command
in what type if economic system do the consumers make most of the decisions
market
in a traditional economy how are economic decisions made?
decisions are made based in customs habits
in a command economy how are economic decisions made?
decisions are made by the government
why are most modern economies referred to as mixed economy’s?
most economies have aspects of all three economic systems
the economies if israel saudi arabia turkey and iran could best be described as…
mixed economies
which industry does the government if saudi arabia heavily control?
petroleum
israel specializes in…
scientific technologies
what is a tariff?
a tax on imported goods
most OPEC countries are located in…
southwest asia
what is an embargo
when a country refuses to trade with another country in order ti bring about social or political changes
what is human capital?
the knowledge and skills that make it possible for workers to earn a living producing goods or services
why is it important fir nations to have a system to convert from one currency to another?
because countries have a variety of currencies that can have a varying amount of value. a rate of exchange is necessary for international trade
if a country does not invest in its human capital how can it affect the country’s gross domestic product?
typically the gross domestic product will go down because the working population is poorly educated and therefore not able to perform tasks required of jobs that produce an economy with a higher gdp
how do iran and saudi arabia benefit from belonging to the OPEC??
iran and saudi arabia both have large investments and a dependency in the export if petroleum. being a part of OPEC allows them to control the price of oil
saudi arabia relies
on the se of which natural resource for the majority of its GDP
petroleum
the type of money used by a country is called…
currency
what is a measure of the total value of goods and services produced in a country in a given year?
GDP
this person has an idea for a good or service and takes the risks to produce it
entrepreneur
when a country invests in transportation systems and power plants it is investing in what?
capital goods
what is a measure of the total value of goods and services produced in a country in a given year divided by the average population of the GDP in a given year
GDP per capita
which important natural resources are used in the production of a wide variety of products such as plastics fertilizers makeup and tires?
petroleum
