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SWA Economic Understandings Study Guide Review Flashcards | StudBud
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SWA Economic Understandings Study Guide Review
What is an embargo?
What are capital goods?
SWA Economic Understandings Study Guide Review
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1
What are capital goods?
Education, skills, and healthcare a worker has
The head city in a state
Factories, machines, & technology used to make goods
Goods made in downtown Atlanta
2
What is an embargo?
Formal halt to trade w/ a country for econ. or political rsn
A limit on the amt of foreign goods coming into a country
A tax on imports from another country
Slowing down trading in a country
3
In which industry does Israel invest heavily in capital goods?
Oil
farming & agriculture, defense, & communication
Hat
Nature's stuff
4
Israel specializes in
Agricultural Technologies
Corn
Camels
Oil
5
What is "economic specialization?"
Focusing on the money
Having an economy of market and command
Produce goods efficiently & trading them for those you can't
Focusing on what you specialize in
6
What would be a problem in a command economy?
The people would be annoying
Customs and Habits might be too much
They don't have problems in command economies
Individuals trying to start a new business
7
What can happen to a country's GDP if it does not invest in human capital?
It will not be affected.
GDP may go down bc poorly trained workers cant do their jobs
It will go up bc poorly trained workers are still okay
It will go up.
8
Why have the Israelis made a big investment in human capital?
They don't want to have to pay them much
They need well-trained workers bc of their advanced techn.
They want the best for their workers
They need them to work for free
9
Which industry does the government of Saudi Arabia heavily control?
Technology & Machines
Oil
Agriculture
Communication
10
The economies of Israel, Saudi Arabia, Turkey, and Iran could best be described as
Market
Mixed
Command
Traditional
11
Why is it necessary for nations to have a system of converting from one currency to another?
To buy and sell goods between nations with difft. types of $
To make the price of oil much cheaper
To regulate people's spending amounts
Because it's fun
12
In a command economy, economic decisions are made by
They aren't made
Customs and Habits
Government Planners
The People
13
What is a quota?
A formal halt to trade
Slowing down a country from exchanging goods with another
A limit to foreign-produced goods allowed in a country
A tax on imports
14
What are trade barriers?
Increasing exchanging goods with another country
Anything slowing down or prevents countries exchanging goods
Having a tax on what you have traded
Barriers to trade
15
Who makes the decisions in a market economy?
The President of the country
Customs and Habits
Government Planners
Consumers and the market
16
Why was OPEC created?
To have a group to get together with
To regulate the supply and price of oil
To give away free oil
To stop the government from selling oil
17
What is an entrepreneur?
A person who takes a risk to begin a new business
Workers who are always unprepared
The person who moves out on his own
The worker in a business
18
What is a tariff?
A tax on goods coming into a country from another
A limit on foreign goods allowed in the country
A formal halt to trade
Breaking apart goods that come into a country
19
Saudi Arabia specializes in the production of
Spices
Sugar and salt
Gold
Oil and gas
20
Most economies in the world today operate somewhere in btwn a market econ. & a command econ bc
They think it is only fair
They need a mix of market & command for success & protection
The technology isn't as advanced in other economies
It makes it easier to sell oil
21
What are natural resources?
Factories and machines used to make real items
Gifts of nature
Things that are man made
Skills and knowledge a person has
22
How has Israel's lack of oil affected that country's economy?
They trade cows for oil
They depend on techno rather than nat. resources such as oil
They depend on oil like everyone else
It hasn't affected their economy.
23
What is GDP?
Giant Dog Pictures
The amt of goods & services produced in a country in a year
Gross Domesticated Portions
The yucky stuff left over after an oil spill
24
How are economic decisions made in a traditional economy?
Customs and habits
Government Planners
They aren't made
Based on the people
25
How has the king of Saudi Arabia used the profits from oil to help other areas of his kingdom?
Oil profits have paid for modern technology and services
He hasn't been able to do anything with it
The oil has been nothing but a headache
He trades oil for camels
26
Who takes on the financial risk in starting a new business in a market economy?
The consumers in the market
Individual business people
Those who voted for the market economy
The government
27
What is human capital?
Capital that is human- like
Skills and education workers have
People who work downtown
The machines, technology, and factories needed to make goods
28
How has the Saudi govt used its national wealth to change the country?
They sold the weapons
Govt piad for imprvmnts in transp, educ, health, & agricul.
The govt hasn't helped the country
They didn't use their national wealth
29
What happens to the price of oil when OPEC countries decided to limit oil production?
The prices fluctuate
Prices go down
Prices stay the same
Prices rise
30
How have the Israelis made up for their lack of natural resources
They got rid of their technology
They have developed strong tech. companies in their economy
They started selling oil
They allowed the govt to gain control of them
31
Why are most countries referred to as "mixed" economies?
Because the government is in control
Most countries have aspects of all three types of economy
They don't have any mixed economies
Because they have all types of races and ethnic groups
32
Why would the Saudi oil industry need a large investment in human capital?
The machines and technology costs too much
They figured it would be easier to manage the rigs
The techn in the oil industry is very complicated
They don't have enough factories and machines
