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Social Studies > Middle East Economics > Flashcards

Middle East Economics Flashcards

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0
Q

What is a consumer?

A

Buyer and/or user of goods and services (everyone is a consumer)

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1
Q

What is a producer?

A

Maker and/or seller of goods and services.

Workers are producers

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2
Q

What are natural resources?

A

Sun, wind, water, oceans, rivers, gifts of nature, and mineral resources available in an area

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3
Q

What does it mean to barter?

A

To trade one good or service for another

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4
Q

What does it mean to have a good supply?

A

The amount of good or service available for sale in the market.

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5
Q

What happens to prices when supply is up and demand is down?

A

Prices go down

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6
Q

What does it mean to have a demand for a product?

A

The amount of a good or service is wanted in a market.

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7
Q

What happens to prices went supply is down and demand is up?

A

Prices go up

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8
Q

What is free-trade?

A

Trade without barriers or conditions

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9
Q

What are quotas?

A

A limit on an item that can be imported

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10
Q

What are tariffs?

A

Attacks on an item that is imported

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11
Q

What is an embargo?

A

The refusal to trade with another country

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12
Q

What is specialization?

A

When a country produces something that is the best, that is in demand in the world market

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13
Q

What type of economy does Israel have?

A

Mixed market. Because it has a small geographic area and almost no natural resources, its economy Is based on Advanced Technology to make up for what they lack in farmland/resources

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14
Q

What type of economy the Saudi Arabia have?

A

World’s largest oil exporter. Has rich oil reserves which they export for income. Need to diversify.

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15
Q

In Saudi Arabia, who controls the oil profits?

A

The king of Saudi Arabia and his advisers make most of the decisions about how and where to use oil profits

16
Q

What type of economy does Iran have?

A

Has great oil well but many Iranians do not share in the money

17
Q

What type of economy does Turkey have?

A

Telephone, TV industries, airlines and railroads have been controlled by the government. Recently, more private ownership has been allowed

18
Q

What is OPEC?

A

Organization of petroleum countries. They regulate and set the standard of oil prices.

19
Q

What is interdependence?

A

When two countries rely on each other for goods and services

20
Q

What is Gross Domestic Product?

A

The total value of goods and services produced in a country in a given year

21
Q

What is globalization?

A

Countries are more connected, culture is shared, and trade takes place

22
Q

What are examples of natural trade barriers in the Middle East?

A

Deserts, mountains, lack of rivers

23
Q

What is currency?

A

A medium of exchange and an economy. Countries use different currencies and it is important to know the value of the currency in trade

24
Q

Diversify

A

Add variety

25
Q

How does OPEC CONTROL SUPPLY AND DEMAND FOR OIL?

A

By regulating production

26
Q

What is human capital?

A

Investing in training and education of workers example: Israel trains workers for high-tech jobs

27
Q

What are capital goods?

A

Investing in tools for production example: Saudi Arabia invests in oil infrastructure

28
Q

What is entrepreneurship?

A

People willing to take a risk and start a business example: allowed more in Israel than in Iran

29
Q

Why is oil so valuable? What evidence is there that the west is very dependent on oil?

A

Developed countries depend on oil and gas for their energy supply. In 1973, during the OPEC embargo, gas prices quadrupled and the economy suffered

30
Q

How has oil affected economies in the Middle East?

A

Countries with oil reserves are much wealthier than countries without oil reserves. Some governments have used the money to pay for improvements to the country standard of living example: Saudi Arabia’s government invests in education, healthcare, transportation, and communication

Social Studies (4 decks)

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