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SW Asia Economics Terms Flashcards | StudBud
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SW Asia Economics Terms
SW Asia Economics Terms
41 terms
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A review of essential vocabulary for SW Asia (and other places)
Flashcards
41 cards
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Questions
41
Answers
1
Economic system where the government decides what to make, how to make it, and for whom to make it.
Traditional
Mixed
Market
Command
2
Economic system where some economic decisions are made by the government and some are made by producers and consumers.
Market
Command
Traditional
Mixed
3
When countries focus on producing certain goods to make them more efficiently and quickly.
Diversification
Normalization
Specialization
Investment in Capitol Goods
4
The level of citizens wants and needs met by a society or government.
Standard of Living
Standard and Poor
Economic Diversity
Law of Supply and Demand
5
What is the value of all goods and services produced in a year per person?
GDP Per Capita
Average Salary
Total Income
GDP
6
Economic system where decisions are based on trade and customs of the people.
Mixed
Traditional
Market
Command
7
What is currency?
Paper bills and coins.
A promise to pay for goods or services at a later date.
Economic events that are happening right now.
Money used as a medium for exchange.
8
If a country wanted to raise the price of imports to protect domestic producers they'd use...
an embargo
a scarcity
a tariff
a subsidy
9
What is a trade barrier?
Waterways and roads that make it easier to deliver goods and services.
Laws that limit the rights of the people to participate in government.
Anything that limits trade between countries.
Lack of education and training.
10
Supply up, demand down, prices low. Supply down, demand up, prices high.
Law of Literacy Rate
Law of Scarcity and Surplus
Law of Supply and Demand
Law of Diminishing Returns
11
A range with no clear divisions that shows how much or how little government control there is in a specific economy.
Economic Diversity
Citizen Participation
Economic Continuum
Political Spectrum
12
What are tools and machines that are used to create consumer goods called?
Capital Goods
Human Capital
Consumer Goods
Human Resources
13
Economic system where the producers and consumers make the economic decisions.
Market
Command
Traditional
Mixed
14
These types of countries have high tech industries, high GDP, and a high standard of living.
Command Countries
Developed Countries
Traditional Countries
Developing Countries
15
Minerals, forests, water, and fertile land that occur in nature and are used for economic gain.
Human Resources
Human Capital
Natural Resources
Natural Capital
16
What is supply?
The amount of a good or service required by the government.
The amount of a good or service left over.
The amount of a good or service wanted.
The amount of a good or service available.
17
Products that a country buys from other countries.
Import
Embargo
Export
Domestic Manufacturing
18
A trade barrier that only allows a certain amount of a product to be traded.
Embargo
Quota
Subsidy
Tariff
19
Not enough to meet all needs and wants. It forces people and governments to make choices.
Scarcity
Supply
Demand
Surplus
20
This is money given by the government to a business to help keep the price of a product low.
embargo
subsidy
scarcity
tariff
21
What are exports?
Products purchased from other countries.
Products produced and sold in a country.
The amount of goods produced in a year.
Products sold to other countries.
22
What is "spending money on something in order to benefit from it in the future?"
Investment
Trade
Credit
Selling
23
The work that people do to produce goods and services.
Capital Goods
Labor
Currency
Human Capital
24
The value of all the goods and services produced in a country in a year.
Gross National Happiness
Standard of Living
Literacy Rate
Gross Domestic Product
25
What is the percentage of adults that can read and write in a country called?
Intelligence Quotient
Literary Efficiency
Literacy Rate
Human Capital Rate
26
The amount of a good or service wanted in a society.
Demand
Standard of Living
Supply
Scarcity
27
What is the buyer and user of goods or services?
Embargo
Producer
Consumer
Entrepreneur
28
What is the possible benefits missed out on when choosing one alternative over another?
Law of Supply and Demand
Opportunity Cost
Don't pick this answer
Economics
29
What is the study of how people choose to use limited resources to satisfy their unlimited wants?
Theology
Economics
Opportunity Cost
Civics
30
Economic penalties that a government puts on another government to limit trade as a punishment.
Subsidies
Quota
Tariff
Sanctions
31
What are the basic systems and services that a country needs in order to function properly?
Infrastructure
Human Capital
Currency
Trade Barriers
32
This means extra or more than what is needed.
diversity
surplus
demand
scarcity
33
What is "how much one country's money is worth compared to another country's" is called what?
The Monetary Rate
Inflation Rate
Interest Rate
The Exchange Rate
34
Which of the following defines voluntary trade?
Trade where one party is coerced.
To stop trading and exchanging goods with another country.
The amount of a product or service wanted in a society.
An exchange of goods or services because both parties want to.
35
Education and training is known as what?
Capital Goods
Human Capital
Capital Investment
Human Resources
36
Country with few industries, low technology, low GDP and low standard of living.
Developing Country
Command Country
Developed Country
Market Country
37
A person who begins a project (usually a business), especially when it takes risk.
Entrepreneur
Manager
Employee
Consumer
38
Saudi Arabia needs to ___ or add variety to their economy because they depend on oil too much.
Export
Diversify
Neutralize
Specialize
39
Totally stopping trade with another country.
Tariff
Quota
Subsidy
Embargo
40
The way a nation uses its resources to satisfy people's needs and wants.
Government
Citizen Participation
Economic System
Gross Domestic Product
41
What is a producer?
The who plans a command economy.
The user of a good or a service
The maker of a good or provider of a service.
The ruler of a market economy.
