Economic Systems of Southwest Asia - 7th Grade GA

Front

What is SPECIALIZATION?

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Producing goods a country can make most easily so that they can trade for goods that they can't produce themselves.

Front

When studying the similarities of traditional, command and mixed economies one must ask: What should be produced, how it should be produced, and for whom is it being produced.

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True

Front

SPECIALIZATION is very important to international trade today because...

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It allows workers to do a better job creating what they make best and then trade for the things that they may need

Front

Saudi Arabia specializes in the production of ..

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Oil and Natural Gas

Front

Israel, Saudi Arabia, Turkey, and Iran all have what type of economy?

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Mixed

Front

Israel specializes in the area of technology because they have MANY natural resources and VAST farmlands. True or False?

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False

Front

Israel specializes in the area of technology because they have few natural resources and little farmlands.

Back

True

Front

In a TRADITIONAL economy decisions about the country's economy are made by...

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Customs and traditions

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Most OPEC countries are located in...

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Southwest Asia

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OPEC was created to ...

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regulate the supply and price of oil