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SW Asia Economics Terms Flashcards | StudBud
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SW Asia Economics Terms
SW Asia Economics Terms
41 terms
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A review of essential vocabulary for SW Asia (and other places)
Flashcards
41 cards
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Questions
41
Answers
1
Minerals, forests, water, and fertile land that occur in nature and are used for economic gain.
Human Capital
Natural Capital
Human Resources
Natural Resources
2
Economic system where some economic decisions are made by the government and some are made by producers and consumers.
Mixed
Market
Traditional
Command
3
Products that a country buys from other countries.
Import
Domestic Manufacturing
Export
Embargo
4
What are tools and machines that are used to create consumer goods called?
Capital Goods
Human Resources
Consumer Goods
Human Capital
5
What is the percentage of adults that can read and write in a country called?
Literacy Rate
Human Capital Rate
Intelligence Quotient
Literary Efficiency
6
This is money given by the government to a business to help keep the price of a product low.
scarcity
embargo
subsidy
tariff
7
A range with no clear divisions that shows how much or how little government control there is in a specific economy.
Political Spectrum
Economic Diversity
Economic Continuum
Citizen Participation
8
The way a nation uses its resources to satisfy people's needs and wants.
Economic System
Citizen Participation
Government
Gross Domestic Product
9
The value of all the goods and services produced in a country in a year.
Literacy Rate
Gross National Happiness
Gross Domestic Product
Standard of Living
10
What is currency?
A promise to pay for goods or services at a later date.
Money used as a medium for exchange.
Paper bills and coins.
Economic events that are happening right now.
11
Economic penalties that a government puts on another government to limit trade as a punishment.
Quota
Subsidies
Tariff
Sanctions
12
What is the possible benefits missed out on when choosing one alternative over another?
Economics
Don't pick this answer
Opportunity Cost
Law of Supply and Demand
13
What is the buyer and user of goods or services?
Consumer
Embargo
Producer
Entrepreneur
14
Not enough to meet all needs and wants. It forces people and governments to make choices.
Demand
Supply
Scarcity
Surplus
15
Which of the following defines voluntary trade?
The amount of a product or service wanted in a society.
An exchange of goods or services because both parties want to.
To stop trading and exchanging goods with another country.
Trade where one party is coerced.
16
Country with few industries, low technology, low GDP and low standard of living.
Market Country
Developing Country
Developed Country
Command Country
17
What is a trade barrier?
Lack of education and training.
Laws that limit the rights of the people to participate in government.
Waterways and roads that make it easier to deliver goods and services.
Anything that limits trade between countries.
18
Economic system where the producers and consumers make the economic decisions.
Command
Traditional
Market
Mixed
19
Totally stopping trade with another country.
Tariff
Quota
Embargo
Subsidy
20
What is "how much one country's money is worth compared to another country's" is called what?
The Monetary Rate
Inflation Rate
The Exchange Rate
Interest Rate
21
Economic system where decisions are based on trade and customs of the people.
Market
Command
Traditional
Mixed
22
What is supply?
The amount of a good or service available.
The amount of a good or service required by the government.
The amount of a good or service wanted.
The amount of a good or service left over.
23
Economic system where the government decides what to make, how to make it, and for whom to make it.
Mixed
Traditional
Market
Command
24
The amount of a good or service wanted in a society.
Standard of Living
Demand
Scarcity
Supply
25
What is a producer?
The ruler of a market economy.
The user of a good or a service
The maker of a good or provider of a service.
The who plans a command economy.
26
A trade barrier that only allows a certain amount of a product to be traded.
Embargo
Tariff
Quota
Subsidy
27
A person who begins a project (usually a business), especially when it takes risk.
Manager
Employee
Consumer
Entrepreneur
28
What is the value of all goods and services produced in a year per person?
Average Salary
Total Income
GDP
GDP Per Capita
29
Saudi Arabia needs to ___ or add variety to their economy because they depend on oil too much.
Specialize
Diversify
Export
Neutralize
30
Education and training is known as what?
Capital Goods
Human Resources
Capital Investment
Human Capital
31
What is the study of how people choose to use limited resources to satisfy their unlimited wants?
Economics
Civics
Opportunity Cost
Theology
32
What are exports?
Products produced and sold in a country.
The amount of goods produced in a year.
Products purchased from other countries.
Products sold to other countries.
33
What are the basic systems and services that a country needs in order to function properly?
Infrastructure
Trade Barriers
Human Capital
Currency
34
The work that people do to produce goods and services.
Currency
Capital Goods
Labor
Human Capital
35
This means extra or more than what is needed.
surplus
diversity
demand
scarcity
36
The level of citizens wants and needs met by a society or government.
Law of Supply and Demand
Standard and Poor
Standard of Living
Economic Diversity
37
If a country wanted to raise the price of imports to protect domestic producers they'd use...
a subsidy
a tariff
an embargo
a scarcity
38
What is "spending money on something in order to benefit from it in the future?"
Trade
Investment
Credit
Selling
39
Supply up, demand down, prices low. Supply down, demand up, prices high.
Law of Supply and Demand
Law of Diminishing Returns
Law of Literacy Rate
Law of Scarcity and Surplus
40
When countries focus on producing certain goods to make them more efficiently and quickly.
Specialization
Investment in Capitol Goods
Normalization
Diversification
41
These types of countries have high tech industries, high GDP, and a high standard of living.
Developed Countries
Traditional Countries
Developing Countries
Command Countries
