SWA Economics Review

Question 1

The characteristics of education, skills, and training of SWA citizens.

Accepted Answer

Human Capital

Question 2

the machines, tools, factories, land, and technology that are needed to make other products

Accepted Answer

capital goods

Question 3

cutting off trade to a certain country because of political reasons

Accepted Answer

embargo

Question 4

bringing together natural, capital, and human resources and developing businesses

Accepted Answer

entrepreneurship

Question 5

raw material from nature that is used to produce things

Accepted Answer

natural resource

Question 6

What is the role of entrepreneurship in SWA?

Accepted Answer

Most countries allow entrepreneurship b/c it increases GDP

Question 7

voluntary exchange of products and services

Accepted Answer

trade

Question 8

limiting the amount of products that can come into a country

Accepted Answer

quota

Question 9

when a country focuses on creating a few specific products

Accepted Answer

specialization

Question 10

Government regulates, but individuals own "means of production".

Accepted Answer

mixed

Question 11

product brought into a country through trade or sale

Accepted Answer

import

Question 12

What are the two most valuable natural resources in SWA?

Accepted Answer

Water and oil

Question 13

Supply and demand guide decisions.

Accepted Answer

market

Question 14

governmental policies that restrict the entry of products into a country

Accepted Answer

trade barriers

Question 15

The study of how people or countries manage their limited resources.

Accepted Answer

economics

Question 16

The limit on the amount of imported goods in SWA countries.

Accepted Answer

Quota

Question 17

product leaving a country through trade or sale

Accepted Answer

export

Question 18

Standards are

Accepted Answer

certain requirements from the government

Question 19

What country produces the most oil in SWA?

Accepted Answer

Saudi Arabia

Question 20

economic system where the government answers the 3 economic questions

Accepted Answer

command economy

Question 21

rate at which one unit of currency is traded for one unit of another currency

Accepted Answer

exchange rate

Question 22

economic system where the people answer the 3 economic questions

Accepted Answer

market economy

Question 23

Entrepreneurs ________________ a country.

Accepted Answer

benefit

Question 24

Petroleum extracted from the ground is an example of

Accepted Answer

natural resource

Question 25

What is the United States' main economic interest in SWA?

Accepted Answer

Oil

Question 26

money

Accepted Answer

currency

Question 27

economic system where the government and people share in answering the 3 economic questions

Accepted Answer

mixed economy

Question 28

labor done by people in order to produce products

Accepted Answer

Human Capital

Question 29

Usually found in undeveloped countries.

Accepted Answer

traditional

Question 30

economic system where social roles and culture answer the 3 economic questions

Accepted Answer

traditional economy

Question 31

A mechanic at the Kia dealership is an example of

Accepted Answer

human capital

Question 32

Trade barriers are meant to

Accepted Answer

protect a country's domestic products

Question 33

amount of products and services produced in one country in one year

Accepted Answer

GDP

Question 34

tax on imports

Accepted Answer

tariff

Question 35

Investing in human and capital goods ____________ a country's GDP.

Accepted Answer

increases

Question 36

Factories are concerned with quotas not with making profits.

Accepted Answer

command

SWA Economics Review

Questions 36

SWA Economics Review

Questions 36