Presentation on theme: "Economic Understandings To play the game, go to the next slide and click on an point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up."— Presentation transcript:
Economic Understandings To play the game, go to the next slide and click on an point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.
Economic Systems Specialized Economies Capital Investments OPECVocabulary Trade Barriers
Team 1Team 2Team 3Team 4 Team 5 Wager board
In a traditional economy, how are economic decisions made?
Decisions are made using customs and habits. score board
In a command economy who makes economic decisions?
Government planning groups score board
Who makes decisions in a market economy?
Individuals score board
Which type of economy would attract entrepreneurs?
Market Economy scoreboard
Where in Southwest Asia (Middle East) might you find a traditional economy today?
Rural areas score board
What is economic specialization?
Producing goods that can be made most efficiently so they can be traded for goods that cannot be produced locally score board
In what industry does Saudi Arabia specialize?
Oil and gas score board
In what industry does Israel specialize?
Agricultural technologies score board
Why is it important for nations to have a system to convert from one currency to another?
This makes it possible to buy and sell goods between nations with different types of money. score board
What is the term for the value of one country’s currency in comparison to another country’s currency?
Exchange rate score board
What type of trade barrier results in taxes on imports?
Tariff score board
What type of trade barrier results in limits placed on the number of imports that can enter a country?
Quota score board
What type of trade barrier involves a government order to stop trade with another country?
Embargo score board
Why did the OPEC countries issue an embargo in the Arab-Israeli War of 1973?
To stop the sale of oil and gas to a number of countries score board
What countries were targeted by the embargo OPEC countries issued during the Arab-Israeli War?
Countries that supported Israel score board
What are two examples of human capital investment?
Training and education score board
What term describes the total value of all the goods and services produced within a country in a single year?
GDP (Gross Domestic Product) score board
What are two examples of capital goods?
Factories, machines, transportation systems, communication systems score board
What are three of Saudi Arabia’s investments in capital goods?
Communication systems, transportation systems, building projects score board
What important investment has Iran made in human capital?
Good schools and universities score board
What do the letters stand for in the name OPEC?
Organization of Petroleum Exporting Countries score board
In what year was OPEC created?
1960 score board
What is the purpose of OPEC?
To regulate the supply and price of oil score board
What happens to the price when the production of oil increases?
The price goes down. score board
What were three of the first five countries to become members of OPEC?
Kuwait, Iraq, Saudi Arabia, Venezuela, Iran score board
What is the meaning of the term laissez-faire?
Allow them to do as they please. score board
What type of economy has characteristics of a market economy and a command economy?
Mixed Economy score board
What term is used to describe a country that can produce all the goods and services it needs?
Self-sufficient score board
What is bartering?
Trading goods or services with no money score board
What is the term for the amount of goods and services produced divided by the total population?
Per capital GDP score board
Make your wager on the scoreboard scoreFinal Question
If a country does not invest in its human capital, how can it affect the country’s GDP (gross domestic product)?
The GDP may go down because poorly trained workers will not be able to do their jobs well. score board