Economies of the Middle East Unit 4 Pretest

Anything that slows down or prevents one country from exchanging goods with another

In a market economy, who makes the economic decisions?

Israel's economy is _____ and based on _________________.

What happens to the price of Oil when OPEC decides to limit production?

Where are most OPEC countries located?

Products a country makes best and that are in demand on the world market

money

Why are most modern economies mixed economies?

GDP

Limiting the amount of foreign goods that can come into a country.

When on e country announces that it will no longer trade with another country.

knowledge and skills that make it possible for workers to earn a living

Which one is NOT a basic economic question?

Why was OPEC created?

In a traditional economy, how are decisions made?

raw materials a country has that make life and production of goods possible

Saudi Arabia's economy is ______ and based on ___________ products.

In a mixed economy, who makes the economic decisions?

Tax placed on goods when they are brought (imported) into one country from another country.

In a command economy, how are economic decisions made?

factories, machines, and technology that people use to make other goods

someone willing to take a risk to begin a new business

a system of changing from one type of currency to another

Turkey's economy is _____ and based on _____________________.

total value of all final goods/services produced within a country in a single year