Economy of SWAME SS7E5,SS7E6,& SS7E7

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

Iran and Saudi Arabia benefit from belonging to OPEC because OPEC keeps the price of oil

Factories, machines, and technology people used to make goods are called

More centralized economy where the government planners make most of the decisions

What type of economy does Israel, Saudi Arabia, Turkey, and Iran has?

The process of producing goods which you make most efficiently (best)

Has characteristics of both market and command economic systems

A formal halt to trade with a particular country for economic or political reasons

When a country invests in its human capital, the GDP is

A tax placed on good coming into a country

Why was OPEC created?

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

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

Capitalism, free enterprise, and laissez-faire are other names for which economy

The total value of all goods and services produced within a country in a single year

Most economic decisions made are based on custom and habit in this economy

Who are creative, original thinkers who are willing to take risks to create new business?

Why do most economies operate between a market and a command?

A society's economic decisions are made by consumers and the market

A limit to the number or amount of a foreign-produced good that is allowed into the country

The skills, knowledge, and education workers have to earn a living producing goods or services

What ask answers what to produce, how to produce, for whom to produce?

Anything that slows down or prevents one country from exchanging goods