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9. 15 20 25 510 Economic Systems Trade Barriers Factors that influence economic growth All Mixed Up Economies of nations 5 5 5 5 10 15 20 25 20 Team One Team Two Team Three Team Four Team Five Team Six

10. In a traditional economy, how are decisions made? Show Answer

11. Customs, habits and traditions. Back to Board

12. How are decisions made in a command economy? Show Answer

13. Government or government planners Back to Board

14. Who takes the financial risk in starting a new business in a market economy? Show Answer

15. Entrepreneurs Back to Board

16. Why are most modern economies referred to as mixed? Show Answer

17. Most countries have all aspects of three economic types at work in their economies Back to Board

18. Which country is the only country that we have studied that has a command economy? Show Answer

19. North Korea Back to Board

20. What is the definition of a tariff? Show Answer

21. A tax placed on goods coming into one country from another. Back to Board

22. What is an embargo? Show Answer

23. A halt (stop) to trade with a particular country usually for economic or political reasons Back to Board

24. What is a quota? Show Answer

25. A limit to the number of foreign-produced goods that are allowed into a country Back to Board

26. Why are deserts and mountains considered to be natural trade barriers? Show Answer

27. Because it is difficult to travel across or get around and transport goods. Back to Board

28. The OPEC nations control about 40% of the world’s oil supply. The OPEC nations work together to control prices for oil and to keep profits flowing to their countries. One way the that they control prices is to limit production. Each member country is given a maximum amount of oil that they can sell in a given time. Which trade barrier does this describe? Show Answer

29. Quota Back to Board

30. What is economic specialization? Show Answer

31. Producing those goods a country can make most efficiently so they can trade them for goods made by others that cannot be produced locally. Back to Board

32. What is Human Capital? Show Answer

33. Skills, education and training that workers have. Back to Board

34. What are capital goods? Show Answer

35. The factories, machines and technology (or anything) used to make goods. Back to Board

36. If country does not invest in Human Capital, how can it affect the country’s GDP? Show Answer

37. How do Iran and Saudi Arabia benefit from belonging to OPEC? Back to Board

38. Why is specialization so valuable in international trade today? Show Answer

39. Specialization allows people to do a more efficient job at producing what they make best and trade. Back to Board

40. How do foreign investors help a country’s economy? Show Answer

41. They bring money into the economy. Back to Board

42. In some countries a single authority decides what is produced. Which term identifies this type of economic system? Show Answer

43. Command Economy Back to Board

44. What are the three questions that all economic systems answer? Show Answer

45. 1. What to produce 2. How to produce 3. For whom to produce Back to Board

46. Saudi Arabia’s literacy rate increased from approximately 48% in 1980 to over 78% by 2009. Why is this important for the Saudi Arabian economy? Show Answer

47. It increased the nation’s GDP and standard of living. Back to Board

48. What happens to the price of oil when OPEC decides to reduce the production of oil? Show Answer

49. The price of oil rises. Back to Board

50. Why is it important to have a system to convert from one currency to another? Show Answer

51. Converting to different currencies makes it possible to buy and sell goods between nations with different types of money. Back to Board

52. Like most economies in the world, Israel, Saudi Arabia and Turkey’s economy could be best described as: Show Answer

53. Mixed Back to Board

54. What does Saudi Arabia specialize in Show Answer

55. Oil and gas Back to Board

56. What industry does South Africa specialize in? Show Answer

57. Diamond and gold mining Back to Board

58. How has China’s attitude toward entrepreneurship changed in the past several decades? Show Answer

59. The government has become more open to the idea of allowing some free enterprise. Back to Board

60. Show Question

61. How has Israel made up for its lack of natural resources? Show Answer 302928272625242322212019181716151413121110987654321

62. They have developed a strong technology sector or their economy. Back to Board

63. The End!! End