1. SS7E5 - The student will analyze different economic systems.
Bell-Ringer – What do you feel like you still need help reviewing?

2. Topics for the test Economic Systems and continuum
What to produce, how to produce, for whom to produce
Trade Barriers
Scarcity and surplus
Voluntary trade
Entrepreneurship
Turkey, Israel, Saudi Arabia, Iran
Human Capital, capital goods, and specialization
Literacy rate and standard of living
Currency and international trade
Opec
gdp

3. Trashketball Rules Classroom split in half.
First person to tap the board gets to answer the question. You must tap AFTER the question and answers have been read. Question must be answered within 5 seconds or it goes to the next person.
If neither person gets it correct, then the question is finished.
Each question correct is worth 1 point.
Trashketball shots can be 1, 2, or 3 points and MUST be shot by the person who answered the question.
All decisions are made by the judge, and I’m the judge.
I want us to have fun, but if it gets too loud, people are rude, or class is disruptive, we will go right back to the study guide and nobody talking.
You are to remain in your assigned seat; anybody moving will lose points for their team.
If you call out the answer (even if it is wrong), your team automatically lose points.
If your side is too loud; your side will lose points.
It is highly suggested you take notes during the game.

4. Question 1
In terms of natural resources, how is Israel different from the rest of the Middle East?
Israel has an abundance of oil.
Israel has little water.
Israel has a lot of technology and little oil.
Israel is based around the Nile river valley.

5. Question 2 The best description of Israel’s economy today is
Mainly privately owned businesses
Mainly government-owned businesses
Businesses controlled by European investors
A mixture of private and government-owned businesses

6. Question 3 What is a traditional economy?
An economy where economic decisions are made by the government.
An economy that has elements of market and command economies.
An economy where the individuals make all of the economic decisions.
A system that is based off of customs and traditions passed down from generation to generation.

7. Question 4
All economic systems are based on the concept of scarcity. Scarcity means that a good or service is
Expensive to produce
Of little value
In limited supply
Wanted by few people

8. Question 5 What is Human Capital? Skills and education workers have
Taxes collected from a country’s workers
Money paid to workers for producing goods
The amount of goods sold in foreign trade in a year

9. Question 6 What are capital goods?
The workers who make the goods and services
The factories and machines used to make goods
The money went to train workers to use new technology
The goods and eservices that are produced for a country’s economy

10. Question 7
Israel has invested heavily in capital goods in all of the following areas EXCEPT?
oil
defense
communication
farming and agriculture

11. Question 8 Why is oil and gas such valuable natural resources?
Large deposits of oil and gas are found in most countries.
It is easy to replace oil and gas supplies after they are used.
Industrial countries depend on oil and gas as their energy supply.
Oil and gas are the only sources of energy used around the world.

12. Question 9
Why would the Saudi oil industry need a large investment in human capital?
The technology in the oil industry is very complicated
The Saudis have found it hard to make a profit in the oil industry.
Most people working in the Saudi oil industry have little or no real training.
They hope to have machines take over most of the jobs now done by workers.

13. Question 10
Based on the newspaper article, how will entrepreneurship MOST LIKELY help economic growth in Saudi Arabia?
By protecting the environment
By creating goods and services
By increasing government power
By eliminating disease and conflict.

14. Question 11
Which of the following represent some of Turkey’s natural resources?
Cotton
Tobacco
Water
All of the above

15. Question 12
How has Israel’s lack of oil affected that country’s economy?
Israeli businesses use little oil to operate.
Israel has little industry dues to their lack of oil.
The Israeli economy is built around large-scale farming.
The Israeli economy depends on technology rather than natural resources, such as oil.

16. Question 13 In a command economy how are economic decisions made?
Custom and habit
Government planners
Consumers and the market
Combination of consumers and government planners

17. Question 14
Why do most economies in the world today operate somewhere in between a market economy and a command economy?
Most consumers want government control of the economy
Government control makes a market economy more profitable
Government control of some aspects of the economy has never been successful in the modern world.
Most economies have found they need a mix of free market and some government control to be successful and protect consumers.

18. Question 15
If a country does not invest in its human capital, how can it affect the country’s gross domestic product (GDP)?
Investment in human capital has little effect on a country’s GDP.
Most workers want to keep their jobs and do not care about GDP.
GDP is only affected if workers’ pay for the investment out of their own pockets.
GDP may go down because poorly trained workers will not be able to do their jobs as well.

19. Question 16 What is a continuum?
A range between 2 things, usually opposite of extremes.
A range between 2 things that are similar.
Something that continues forever.
Something used to make products.

20. Question 17 What type of economy does Saudi Arabia have?
Mixed, mostly market
Mixed, mostly command
Pure command
Traditional

21. Question 18 What is the definition of economic specialization?
Directly swapping goods from one country to another without having to use money
Trying to avoid investing in industry and technology because of the expense involved
Producing all goods and services needed for a country’s growth, so that trade with other countries is not needed
Producing those goods a country can make most efficiently by concentrating workers in one area of work.

22. Question 19 What is an example of an embargo?
The United States freely trading with most countries.
The United States does not trade with Cuba or Iran.
Trading to a neighboring countries.
Restricting the amount of a good coming into a country.

23. Question 20 What is a tariff?
A tax paid by the purchaser when goods are sold
A tax placed on goods coming into one country from another
A tax placed on goods made by local craftsmen or manufacturers
A tax paid when goods are shipped from one state to another in the United States.

24. Question 21 What is a quota?
A restriction on the amount of a good coming into a country
A restriction on the amount of a good going out of the country
An unlimited amount of the goods coming in and out of the country.
The amount of goods that have to be produced by a country.

25. Question 22
Why is it important for nations to have a system to convert from one currency to another?
Converting to different currencies makes goods cost less
Banks are not able to handle different kinds of currencies
The dollar is the most valuable currency in the world today
This makes it possible to buy and sell goods between nations with different types of money.

26. Question 23 What is voluntary trade?
When buyers and sellers have the right/choice to be involved in an economic market.
When buyers and sellers are forced to trade.
When people do not exchange currencies.
There is no such thing as voluntary trade.

27. Question 24
What is GDP?
Goods Done Properly: When goods are made properly.
Graduate Degree Probability: A mathematical term
Gross Domestic Product: The way economists measure the total amount of goods and services produced in a year.
There is no such thing as GDP.

28. Question 25
Who takes on the financial risk in starting a new business in a market economy?
Consumers
Government planners
Individual business people
Combination of government planners an individual investors.

29. The OPEC nations control about 40% of the world’s oil output
The OPEC nations control about 40% of the world’s oil output. The OPEC countries work together to control prices for oil and to keep profits flowing to their countries. One way 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.
Question 26
What describes the limit that OPEC puts on its members’ production of oil?
Tax
Tariff
Quota
Embargo

30. Question 27
What happens to the price of oil when OPEC countries decide to reduce production of oil?
Prices rise
Prices drop
Prices stay the same
Oil stops being sold

31. Question 1
Tariffs, quotas, and embargoes are all examples of this word:
A.) tariff
B.) Market economy
c.) trade barrier
D.) human capital

32. Question 2
In this type of economy, government planners decide what to produce, how to produce, and for whom to produce:
A.) Command economy
B.) traditional economy
C.) Market economy
D.) supply and demand

33. Question 3
In this type of economy, customs and traditions decide what to produce, how to produce, and for whom to produce:
A.) mixed economy
B.) market economy
C.) entrepreneur
D.) traditional economy

34. Question 4
This is a tax on imported goods so that people will end up buying products from their own country:
A.) scarcity
B.) quota
C.) embargo
D.) tariff

35. Question 5
This economy is a combination of parts command and parts market:
A.) mixed economy
B.) traditional economy
C.) trade barrier
D.) human capital

36. Question 6
This is when a country decides to stop trading with another country often for political reasons:
A.) Tariff
B.) quota
C.) embargo
D.) specialization

37. Question 7
In this economy, the producers and consumers decide what to produce, how to produce, and for whom to produce:
A.) market economy
B.) Mixed economy
C.) traditional economy
D.) Command economy

38. Question 8
This is a restriction on the amount of goods allowed to come into a country in order to raise prices on foreign goods:
A.) embargo
B.) quota
C.) trade barrier
D.) tariff

39. Question 9
These people are often found in a market economy where they can take on the risk of creating their own business:
A.) specialization
B.) human capital
C.) entrepreneur
D.) standard of living

40. Question 10
This is what it is called if a country or company decides to focus their attention on creating one thing and being the best at it:
A.) specialization
B.) tariff
C.) human capital
D.) capital goods

41. Question 11
When a company creates too much of a product, so prices go down:
A.) scarcity
B.) supply and demand
C.) quota
D.) surplus

42. Question 12
A measurement of how well off a country is based on wealth, comfort, material goods, and necessities:
A.) market economy
B.) standard of living
C.) supply and demand
D.) human capital

43. Question 13
An example of this would be when a company takes the time to better train it’s employees:
A.) capital goods
B.) human capital
C.) entrepreneur
D.) Specialization

44. Question 14
Toyota just purchased more robots which will be able to make cars at a faster rate and cheaper, Toyota just increased their:
A.) human capital
B.) specialization
C.) standard of living
D.) capital goods

45. Question 15
When there is a small amount of a product, so prices go up:
A.) scarcity
B.) surplus
C.) supply and demand
D.) quota

46. Question 16
The idea that companies create products and consumers want products. This helps determine what prices will be in the market:
A.) trade barrier
B.) supply and demand
C.) market economy
D.) entrepreneur

47. Closing
How does voluntary trade benefit buyers and sellers in SW Asia?
What type of economy does Israel have? What do they produce? How do they produce it? And for whom do they produce?
How do tariffs, quotas, and embargoes serve as barriers to trade?