Southwest Asia Key Econ. Vocab

Question 1

Total value of goods produced and services provided in a country during one year

Accepted Answer

Gross Domestic Product

Question 2

Activity of setting up a business(es), taking on financial risks in the hope of profit

Accepted Answer

Entrepreneurship

Question 3

Country A wants to buy something from Country B. The person must change the $ into the $ from B

Accepted Answer

Currency Exchange

Question 4

Tax placed on goods coming into a country

Accepted Answer

Tariff

Question 5

The process of concentrating on and becoming expert in a particular subject or skill

Accepted Answer

Specialization

Question 6

Limit on the amount of a foreign good that can be imported

Accepted Answer

Quota

Question 7

A cessation (stopping) of trade between two countries

Accepted Answer

Embargo

Question 8

Percentage of people over the age of 15 who can read or write in a country

Accepted Answer

Literacy Rate

Question 9

Durable goods used in the production of goods. This can include factories, machines, and tools.

Accepted Answer

Capital

Question 10

Policies that are in place to restrict (make harder) trade.

Accepted Answer

Trade Barriers

Question 11

A country’s economic decisions are based on what its people want to buy and sell.

Accepted Answer

Market Economy

Question 12

The training and skills a worker has to produce a good

Accepted Answer

Human Capital

Question 13

Government controls what is produced and how it is produced

Accepted Answer

Command Economy

Question 14

The degree and wealth or material comfort available to a person or community

Accepted Answer

Standard of Living

Question 15

A combination of a command and market economy. There is supply& demand & government regulation.

Accepted Answer

Mixed Economy

Question 16

Countries that export oil to others. Wants the price of oil high so members can make more $

Accepted Answer

OPEC

Question 17

Typically found in agricultural societies. People typically live like their ancestors

Accepted Answer

Traditional Economy

Questions 17