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SW Asia Economics

7th Grade Social Studies

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2.The factories and machines used to make goods
4.Any action by a country that slows or stops trading (2 words)
7.Most countries have aspects of three economic systems, they are called...
8.Where are most OPEC nations located? (2 words)
10.The economic term for money
13.Due to a lack of oil this country depends on technology rather than natural resources
15.Oil profits have paid for modern technology and services in this country
16.The government of this country is inefficient and poorly organized, this causes problems for their state-run oil industry
17.Converting on country's currency to another country's currency (2 words)
21.someone who is willing to take a risk to begin a new business
22.This country has used its oil profits to pay for improvements in transportation, education, health care, and agriculture.
23.Most countries have found they need both free market and some gov't. control, we refer to these as _______ economies
24.In this economy decisions are made by consumers and the market
25.Saudi Arabia speializes in the production of...(3 Words)
26.Economic decisions are made by government planners
28.tax placed on goods coming into one country from another
30.formal halt to trade with a particular country for economic or political reasons
32.When OPEC limits oil production what happens to the price of oil?
1.Israel specializes in this type of technolgy
3.This country has made a large investments in human capital because the technology in the oil industry is very complicated.
5.Producing those goods a country can make most efficiently as they can trade them for goods made by others that cannot be produced locally
6.This country has made a large investment in human capital because their economy depends on advanced technology.
9.Individual business people take on the financial risk in starting a new business in this type of economy
11.Individuals trying to start a new business would be a problem in which economy?
12.a limit to the number or amount of a foreign-produced good that is allowed into the country
13.This country relies on the development of strong technology companies in their economy to make up for the lack of oil
14.This organization was created to regulate the supplu and price of oil
18.An economy based on custom and habit
19.Skills and education workers have (2 words)
20.What can happen to a country's GDP if it does not invest in human capital?
27.How would you describe the economies of Israel, Saudi Arabia, Turkey, and Iran?
29.Which industry does the government of Saudi Arabia heavily control?
31.The value of all goods and services produced in a country in one year

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