Much of this unit will be review from last year. You should remember much of the vocabulary, so should really just need to learn which country has which type of economic system as we go. Buckle up...this will be a fast unit.
Terms to know:
Communism
Market Economy
Mixed Economy
Command Economy
Traditional Economy
Continuum
Opportunity Cost
Literacy Rate
Gross Domestic Product
Supply and Demand
Natural Resources
Human Capital
Capital Goods
Currency
Profit
Import
Export
Entrepreneur
OPEC (Organization of Petroleum Exporting Countries)
Embargo
Tariff
Quota
Market Economy
Mixed Economy
Command Economy
Traditional Economy
Continuum
Opportunity Cost
Literacy Rate
Gross Domestic Product
Supply and Demand
Natural Resources
Human Capital
Capital Goods
Currency
Profit
Import
Export
Entrepreneur
OPEC (Organization of Petroleum Exporting Countries)
Embargo
Tariff
Quota
Economic Systems Notes
Economics of Southwest Asia:
The good, the bad, and the ugly.
Many Southwest Asian countries rely on petroleum to support their economies. We have already learned that many of those countries use some of their profits to import food. Other Southwest Asian countries do not have petroleum to rely on, so they have many entrepreneurs and growing service industries.
Southwest Asian countries who are dependent on petroleum will have to diversify their economies in the future, since petroleum is a nonrenewable resource.
Many Southwest Asian countries rely on petroleum to support their economies. We have already learned that many of those countries use some of their profits to import food. Other Southwest Asian countries do not have petroleum to rely on, so they have many entrepreneurs and growing service industries.
Southwest Asian countries who are dependent on petroleum will have to diversify their economies in the future, since petroleum is a nonrenewable resource.