Download Command Economy - Lindley 7th Grade Social Studies

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Economic
Systems
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Trade
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Barriers
Factors that
influence economic
growth
All Mixed
Up
Economies of
nations
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Team Six
In a traditional
economy, how
are decisions
made?
Show Answer
Customs, habits
and traditions.
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How are decisions
made in a command
economy?
Show Answer
Government or
government planners
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Who takes the financial
risk in starting a new
business in a market
economy?
Show Answer
Entrepreneurs
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Why are most modern
economies referred to
as mixed?
Show Answer
Most countries have all
aspects of three
economic types at work
in their economies
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Which country is the
only country that we
have studied that has a
command economy?
Show Answer
North Korea
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What is the definition
of a tariff?
Show Answer
A tax placed on goods
coming into one
country from another.
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What is an embargo?
Show Answer
A halt (stop) to trade
with a particular
country usually for
economic or political
reasons
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What is a quota?
Show Answer
A limit to the
number of
foreign-produced
goods that are
allowed into a
country
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Why are deserts and
mountains considered
to be natural trade
barriers?
Show Answer
Because it is difficult to
travel across or get
around and transport
goods.
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The OPEC nations control about 40% of the
world’s oil supply. The OPEC nations work
together to control prices for oil and to
keep profits flowing to their countries. One
way the 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. Which trade barrier does
this describe?
Show Answer
Quota
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What is
economic
specialization?
Show Answer
Producing those goods
a country can make
most efficiently so they
can trade them for
goods made by others
that cannot be
produced locally.
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What is Human Capital?
Show Answer
Skills, education and
training that workers
have.
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What are capital
goods?
Show Answer
The factories, machines
and technology
(or anything) used to
make goods.
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If country does
not invest in
Human Capital,
how can it affect
the country’s
GDP?
Show Answer
How do Iran
and Saudi
Arabia benefit
from belonging
to OPEC?
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Why is
specialization so
valuable in
international
trade today?
Show Answer
Specialization allows
people to do a more
efficient job at
producing what they
make best and trade.
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How do foreign investors
help a country’s
economy?
Show Answer
They bring money into
the economy.
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In some countries a
single authority
decides what is
produced. Which term
identifies this type of
economic system?
Show Answer
Command Economy
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What are the
three questions
that all
economic
systems
answer?
Show Answer
1. What to produce
2. How to produce
3. For whom to
produce
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Saudi Arabia’s literacy
rate increased from
approximately 48% in
1980 to over 78% by
2009. Why is this
important for the Saudi
Arabian economy?
Show Answer
It increased the
nation’s GDP
and standard of
living.
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What happens to the
price of oil when OPEC
decides to reduce the
production of oil?
Show Answer
The price of oil
rises.
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Why is it
important to
have a system
to convert from
one currency to
another?
Show Answer
Converting to different
currencies makes it
possible to buy and sell
goods between nations
with different types of
money.
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Like most economies in
the world, Israel, Saudi
Arabia and Turkey’s
economy could be best
described as:
Show Answer
Mixed
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What does Saudi Arabia
specialize in
Show Answer
Oil and gas
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What industry
does South
Africa specialize
in?
Show Answer
Diamond and
gold mining
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How has China’s
attitude toward
entrepreneurship
changed in the past
several decades?
Show Answer
The government has
become more open to
the idea of allowing
some free enterprise.
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How has Israel made
up for its lack of
natural resources?
Show Answer
They have developed a
strong technology
sector or their
economy.
Back to Board
The End!!
End