Economic Understandings of Southwest Asia (Middle East)

Front

Which Middle Eastern economy has the most free (from government control) mixed economy?

Back

Istael

Front

What is "specialization?"

Back

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

Front

Why is specialization so valuable to international trade today?

Back

Specialization allows people to do a more efficient job at producing what they make best and trade for things they need.

Front

Saudi Arabia specializes in the production of: Oil and olives, Olives and grapes, Oil and natural gas, Livestock

Back

Oil and natural gas

Front

Why has Israel specialized in the area of technology?

Back

It has few natural resources and little farmland.

Front

The economies of Israel, Saudi Arabia, and Turkey can best be described as: Traditional, Command, Market, Mixed

Back

Mixed

Front

In a traditional economy, how are economic decisions made?

Back

Economic decisions are made by customs and traditions.

Front

Why was OPEC created?

Back

To regulate the supply and price of oil

Front

Where are most OPEC countries located?

Back

Southwest Asia

Front

What happens to the price of oil when OPEC countries decide to reduce production?

Back

Oil prices increase