Transcript Middle East Government and Economics Test Study Guide Power

Middle East Government and
Economics Test Study Guide
What are the three main
questions that economic
systems answer?
(1)What to produce
(2) how to produce
(3) for whom to produce.
How are the economic
questions answered in a market
economy?
Economic decisions made by individuals who decide what to produce
and what to buy.
How are the economic
questions answered in a
traditional economy?
Most economic decisions made based on customs and habits of how
decisions were made in the past.
How are the economic
questions answered in a
command economy?
Government planning groups decide and also decide what jobs
workers will do.
Explain why most countries are
considered to have mixed
economies.
They have some individual freedoms to operate in business and the
government has some control (regulations)
Who controls the government in
an oligarchy?
A political party or small group
In which government type do
the citizens have no rights?
Autocratic
In which government type do
the citizens have very few
rights?
Oligarchic
In which government type do
the citizens have rights and
freedoms that are protected by
laws?
Democratic
Where is the power held in a
unitary government?
The Central government
Where is the power held in a
confederation government?
The local governments
What is an entrepreneur?
A person who takes risks to start a business.
In which economic system
would you be more likely to
become one?
Market
Where is the power held in
federal system of government?
It is shared among different levels of governments (shared between
central and local or regional governments).
What is specialization?
Producing goods or providing services which you do best and that are
in demand on the world market
Why is specialization important?
No country can produce everything it needs so it must focus on what it
does best and participate in trade to get things they can’t produce.
What is a tariff, and what is its
purpose?
A tax on goods when they are imported.
Purpose: to make imported item more expensive than similar item
made locally
What is an embargo, and what
is its purpose?
A temporary halt on trade; used when a nation wants to get another
nation to do what they want politically
A temporary halt on trade; used
when a nation wants to get
another nation to do what they
want politically?
A limit on the amount of foreign goods allowed into a country
What is the knowledge and skills
people have that makes it
possible to produce a good or
provide a service?
Human capital
or
Human Resource
What is the total value of all
goods and services produced by
a country in a given year?
Gross Domestic Product (GDP)
How do you determine the per
capita GDP?
It is determined by dividing the GDP of a nation by its population.
Which is more accurate in
helping to determine the
standard of living in a nation?
(GDP or GDP per capita)
GDP per capita
Who is the head of a
parliamentary democracy?
Who is the head of a parliamentary democracy?
Who is the head of a
presidential democracy?
President
Which is elected by the citizens
in a separate election from that
of the legislature?
(President or Prime Minister)
President
Which is elected as a legislator
by the people and then chosen
as the head of government by
the legislative body? (President
or Prime Minister)
Prime Minister
Which type of government does
Israel have?
Parliamentary Democracy
What type of government does
Iran have?
Theocratic Republic
What type of government
does Saudi Arabia have?
Hereditary Monarchy
Who influences most of the
laws in Israel?
Orthodox Jews
Most of Saudi Arabia’s laws are
based on what?
The Quran
In which nation are religious
leaders, known as Shia clerics,
allowed to make political
decisions?
Iran
Who makes the political
decisions in Saudi Arabia?
The King
What is Sharia Law and which
country uses it?
Laws based on the Quran; Saudi Arabia
Describe oil as it relates to
Israel’s economy.
It does not produce oil, but its industrialized economy depends on it.
Name the main industries in
which Israel’s citizens’ work.
Medical technology, agricultural technology, mining, and electronics
industries
What are petrochemicals?
Products made from petroleum
About how much of the money
raised by Iran’s government
comes from the sale of oil and
petrochemicals?
About 85%
Know and be able to tell all of
the improvements Saudi Arabia
has been able to do as a result
of selling oil on the world
market.
Saudi Arabia able to spend billions on irrigation and desalinization
technology which helps improve agricultural industry
Cities built in areas once remote deserts
Modernized roads, schools, airports, and communication systems
Why is it important for Saudi
Arabia to invest in its human
capital?
The technology involved in the oil industry is complicated and requires
a well-educated workforce.
Know the main industries in
which Israel, Saudi Arabia, and
Iran have invested.
Iran---Oil production, technology, communication systems, and
technology for military defense
Saudi Arabia--- Oil production, transportation, and communication
systems
Israel---Agricultural technology, medical technology, electronics,
mining, and advanced communications systems. (Also technology for
military defense)