Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
45 Cards in this Set
- Front
- Back
|
Tariff
|
Duty or tax on levied goods
|
|
|
Command Economy
|
System where the government owns most industries and makes most economic decisions.
|
|
|
Quota
|
Maxium (or limit) number or amount that is permitted
|
|
|
Consumers
|
People who use goods and services
|
|
|
Embargo
|
A government ordered restriction on trade relating to another country or a given product or service
|
|
|
Entrepreneuer
|
People who use their resources and talent to start a business and accept risk
|
|
|
Human Capital
|
knowledge, education, skill and ability level of perople
|
|
|
Capital Resources
|
Non-human resources like factories, machinery, equipment, lang, money owned by a country or business
|
|
|
Scarcity
|
Too small a supply to meet demand or need
|
|
|
Mixed Economy
|
System where exchange of good and services are based on at least 2 other types of systems.
|
|
|
Literacy
|
The ability to use language to read and write
|
|
|
Gross National Product
|
Value of all goods and services that a country produces in one year within or outside the country
|
|
|
Market Economy
|
System where producers and consumers make decisions about what to make, sell, and buy
|
|
|
Economy
|
System or production, distribution, and consumption
|
|
|
Interdependence
|
Mutually dependent: depend on each other
|
|
|
Traditional Economy
|
System where exchange of goods and services based on custom and tradition
|
|
|
Type of Economy in the United States
|
Mixed
|
|
|
Example of a trade barrier where a nation would not sell oil to another nation
|
Embargo
|
|
|
Turkey's major economic products
|
textiles (clothing) & oil
|
|
|
3 Basic Economic Questions
|
What to produce, How to produce and For whom to Produce
|
|
|
Similarities between Israel and Turkey
|
Both are Republics where citizens elect government leaders
|
|
|
Government that allows religion to dictate
|
Theocracy
|
|
|
How do entrepreneurs contribute to economies?
|
Assuming Risk of starting a business with their own resources
|
|
|
Value of all goods and services that a country produces in a year
|
Gross National Product (GNP)
|
|
|
Form of governments where poser is held by a single self-appointed ruler (dictators fall in this)
|
Autocratic
|
|
|
This nation is located over some of the world's largest oil deposits. It's inclume/wealth increased dramatically in the 20th century.
|
Saudi Arabia
|
|
|
Israel is a Market based economy that specializes in what
|
Technology, diamonds, tourism and agriculture
|
|
|
Why do nations use trade barriers
|
To protect jobs, industries and national income
|
|
|
If the US levies a tax on a nation's products, what is it an example of?
|
Tariff
|
|
|
Type of government ran by a king or queen
|
Monarchy
|
|
|
Government where power is held by one central authority
|
Unitary
|
|
|
Type of democracy where individuals select people to speak on their behalf
|
Democracy (parliamnetary/presidential)
|
|
|
A nation with a high literacy rate does what to economic growth potential
|
Increases economic growth potential
|
|
|
Tupe of government Iragq had under Saddam Hussein
|
Dictatorship
|
|
|
Three Branches of government in a presidential democracy
|
Executive, judicial, legislative
|
|
|
Primary function of OPEC
|
Control oil proces and supplies
|
|
|
Factors that indluence economic growth
|
Type of government, natural resoues of a nation and human capital
|
|
|
Who did Sunni's and Shi'a s want to be as a successor to Muhammad?
|
Sunni's wanted a successor who was best suited to be the leader.
Shia's felt that the successor should be a descendant of Muhammad. |
|
|
Why Isreael does not enjoy the benefits of the oil industry.
|
Isreal does not have an oil supply.
|
|
|
Ethnic Group
|
A group of people who have similar traditions, religious beliefs.
|
|
|
Why the US went into the Persian Gulf War (1991).
|
To liberate Kuwait
|
|
|
Afghanistan's neighbors (east and west)
|
Iran is west
______ is East |
|
|
Why do Israel and Palestine do not get along.
|
They both want the same land.
|
|
|
9/11 and its conection to Osama bin Laden
|
Osama bin Laden was responsible for orchestrating the attacks on the US.
|
|
|
Why did the US went to war - Iraqi Freedom again in 2003.
|
US thought Iraq had Weapons of Mass Destruction (WMD), to remove Saddam Hussein, and to establish Democracy.
|
