Middle East Economics

How has Israel's lack of oil affected that country's economy?

Education and training of workerswhether formal or on-the-job

Limitson the quantity that can be imported.

Tradeblock usually for political purposes.

The government or central authority makes decisions and determines how resourceswill be used.

Which industry does the government of Saudi Arabia heavily control?

Taxeson imports.

What is not an Advantage of aTraditional economy?

Governmenttakes care of people’s needs; Marketplace takes care of people’s wants.

The goods or services bought from foreign producers.

Where are most of the OPEC countries located?

The goods and services sold in foreign markets.

Withouta system for exchanging currencies, it would be difficult to conductinternational trade.

An embargo was placed on what Middle Eastern Country in 1990?

What is not an Advantage of a Command economy?

Human-madegoods which are used in the production of other goods.

Specializationencourages trade and can be a positive factor in a country’s economy.

What happens to the price of oil when OPEC countries decide to limit production?

“Do what you do besttrade for the rest!”

Businessesand consumers decide what they will produce and purchase and in what quantities.

Basic economic questions answered by what has been done in the past (tradition and habit).

What is not an Advantage of a Market economy?

How much of the oil used by the United Stateshas to be imported every day?

Why is it important for nations to have a system to convert from one currency to another?

Israel specializes in

Why was OPEC created?