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Economi c Systems Trade Barriers Factors that influence economic growth All Mixed Up Economi es of nations 5 10 15 20 25 5 10 15 20 25 Team One Team Three Team Five Team Two Team Four Team Six
In a traditional economy, how are decisions made? Show Answer
Customs, habits and traditions. Back to Board
How are decisions made in a command economy? Show Answer
Government or government planners Back to Board
Who takes the financial risk in starting a new business in a market economy? Show Answer
Entrepreneurs Back to Board
Why are most modern economies referred to as mixed? Show Answer
Most countries have all aspects of three economic types at work in their economies Back to Board
Which country is the only country that we have studied that has a command economy? Show Answer
North Korea Back to Board
What is the definition of a tariff? Show Answer
A tax placed on goods coming into one country from another. Back to Board
What is an embargo? Show Answer
A halt (stop) to trade with a particular country usually for economic or political reasons Back to Board
What is a quota? Show Answer
A limit to the number of foreign -produced goods that are allowed into a country Back to Board
Why are deserts and mountains considered to be natural trade barriers? Show Answer
Because it is difficult to travel across or get around and transport goods. Back to Board
The OPEC nations control about 40% of the world’s oil supply. The OPEC nations work together to control prices for oil and to keep profits flowing to their countries. One way the that they control prices is to limit production. Each member country is given Show Answer
Quota Back to Board
What is economic specialization? Show Answer
Producing those goods a country can make most efficiently so they can trade them for goods made by others that cannot be produced locally. Back to Board
What is Human Capital? Show Answer
Skills, education and training that workers have. Back to Board
What are capital goods? Show Answer
The factories, machines and technology (or anything) used to make goods. Back to Board
If country does not invest in Human Capital, how can it affect the country’s GDP? Show Answer
How do Iran and Saudi Arabia benefit from belonging to OPEC? Back to Board
Why is specialization so valuable in international trade today? Show Answer
Specialization allows people to do a more efficient job at producing what they make best and trade. Back to Board
How do foreign investors help a country’s economy? Show Answer
They bring money into the economy. Back to Board
In some countries a single authority decides what is produced. Which term identifies this type of economic system? Show Answer
Command Economy Back to Board
What are three questions that all economic systems answer? Show Answer
1. What to produce 2. How to produce 3. For whom to produce Back to Board
Saudi Arabia’s literacy rate increased from approximately 48% in 1980 to over 78% by 2009. Why is this important for the Saudi Arabian economy? Show Answer
It increased the nation’s GDP and standard of living. Back to Board
What happens to the price of oil when OPEC decides to reduce the production of oil? Show Answer
The price of oil rises. Back to Board
Why is it important to have a system to convert from one currency to another? Show Answer
Converting to different currencies makes it possible to buy and sell goods between nations with different types of money. Back to Board
Like most economies in the world, Israel, Saudi Arabia and Turkey’s economy could be best described as: Show Answer
Mixed Back to Board
What does Saudi Arabia specialize in Show Answer
Oil and gas Back to Board
What industry does South Africa specialize in? Show Answer
Diamond and gold mining Back to Board
How has China’s attitude toward entrepreneurship changed in the past several decades? Show Answer
The government has become more open to the idea of allowing some free enterprise. Back to Board
Show Question
25 26 27 28 29 30 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 1 2 3 4 5 6 7 8 9 How has Israel made up for its lack of natural resources? Show Answer
They have developed a strong technology sector or their economy. Back to Board
The End!! End
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