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Middle Eastern Economies. See if you can tell which country or countries our government favors by the way each country is presented. GPS and E.Q.

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Gps and e q
GPS and E.Q. government favors by the way each country is presented.

  • GPS: SS7E5a. Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce.

  • E.Q. How do traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce?


Vocabulary
Vocabulary government favors by the way each country is presented.

  • Tradition – something that has been passed down in a culture from one generation to the next.

  • Bartering – trading in goods and services

  • Economic Specialization – producing goods a country can make most efficiently so they can trade them for goods made by others that cannot be produced locally.

  • tariff: - tax on imports

  • Quota – limit on number or amount of imported goods

  • Embargo – government order halting trade with another country

  • Entrepreneur – someone who is willing to take a risk to start a new business or product


Vocabulary1
Vocabulary government favors by the way each country is presented.

  • Human capital – education and training

  • Capital goods – factories, machinery, and technology

  • GDP – total value of all goods and services produced in a country in a year

  • GDP per capita – the GDP divided by a country’s population

  • Market economy – also called capitalism, free enterprise, and laissez-faire


Vocabulary2
Vocabulary government favors by the way each country is presented.

  • Traditional – an economic system in which most economic decisions are based on custom and habit

  • Command – an economic system in which government planning groups make economic decisions

  • Market – an economic system in which economic decisions are made by individuals who decide what to produce and what to buy


Economics review
Economics Review government favors by the way each country is presented.

  • How many basic types of economic systems are there?

  • 3

  • Name the economic systems:

  • Traditional, Command, Market

  • Which system are most countries in the world?

  • Mixed – not a system, but a blending of command and market.


Traditional
Traditional government favors by the way each country is presented.

  • Most economic decisions are based on custom and habit.

  • Found in rural areas where people depend on their extended families

    • Work is often subsistence farming, herding animals, or working in simple crafts and trades.

    • Little money ever changes hands in a traditional society.

    • Bartering is how people usually pay for goods and services.

  • No country today has a traditional economy – but some areas of SW Asia still practice it (Bedouin, for example)


Crct test prep page 107
CRCT Test Prep page 107 government favors by the way each country is presented.

313. In a traditional economy, how are economic decisions made?

A. custom and habit

B. government planners

C. consumers and the market

D. combination of consumers and government planners

A. Custom and habit


Command
Command government favors by the way each country is presented.

  • More centralized economy – government planning groups make most basic economic decisions

    • Which goods & services should be produced

    • Prices for goods and wages paid to workers

    • What jobs workers do

    • How & where goods would be sold

  • No individuals can start their own businesses

  • Government owns the places where goods are made


Crct test prep page 1071
CRCT Test Prep page 107 government favors by the way each country is presented.

314. In a command economy, how are economic decisions made?

A. custom and habit

B. government planners

C. consumers and the market

D. combination of consumers and government planners

D. combination of consumers and government planners


Market
Market government favors by the way each country is presented.

  • Economic decisions are made by individuals who decide what to produce and what to buy

  • Also called capitalism, free enterprise, and laissez-faire (French – means “to allow them to do as they please”)

  • Many SW Asian countries use a market system.


Crct test prep page 108
CRCT Test Prep page 108 government favors by the way each country is presented.

316. In a market economy, how are economic decisions made?

A. farmers

B. custom and habit

C. government planners

D. consumers and the market

D. Consumers and the market


Crct test prep page 1081
CRCT Test Prep page 108 government favors by the way each country is presented.

317. Who takes on the financial risk in starting a new business in a market economy?

A. consumers

B. government planners

C. individual business people

D. combination of government planners and individual investors

C. Individual business people


Gps and e q1
GPS and E.Q. government favors by the way each country is presented.

  • GPS: SS7E5b.: Explain how most countries have a mixed economy located on a continuum between pure market and pure command.

  • E.Q. How do most countries have a mixed economy located on a continuum between pure market and pure command?


Mixed
Mixed government favors by the way each country is presented.

  • Blend of command and market economy characteristics

  • Most SW Asian countries have a mixed economy.


Economic systems
Economic Systems government favors by the way each country is presented.

Pure

Command

Mixed Economy

Pure

Market


Crct test prep page 1082
CRCT Test Prep page 108 government favors by the way each country is presented.

318. Why are most modern economies referred to as mixed?

A. Poverty is always highest in countries with market economies.

B. Government planners do not know how to handle economic problems.

C. Products made by traditional economies have no markets in the modern world.

D. Most countries have aspects of all 3 economic types at work in their economies.

D. Most countries have aspects of all 3 economic types at work in their economies.


Crct test prep page 109
CRCT Test Prep page 109 government favors by the way each country is presented.

319. Why do most countries today operate somewhere between a market economy and a command economy?

A. Most consumers want government control of the economy.

B. Government control makes a market economy more profitable.

C. Government control of some aspects of the economy has never been successful in the modern world.

D. Most economies have found they need a mix of free market and some government control to be successful and protect consumers.

D. Most economies have found they need a mix of free market and some government control to be successful and protect consumers.


Gps and e q2
GPS and E.Q. government favors by the way each country is presented.

  • GPS: SS7E5c.: Compare and contrast the economic systems in Israel, Saudi Arabia, and Turkey.

  • E.Q. How do the economic systems in Israel, Saudi Arabia, and Turkey compare?


Israel
Israel government favors by the way each country is presented.

  • Small desert country along Mediterranean Sea

  • Lacks farmland and natural resources, so…

  • Economy is based on advanced technology


Israel government favors by the way each country is presented.

(1) What to produce?

A large portion of Israel’s GDP comes from high tech manufacturing, financial services, and agriculture.


(2) How to produce? government favors by the way each country is presented.

Israel has a lot of government ownership of business, but is gradually allowing individuals to own companies.


(3) For whom to produce? government favors by the way each country is presented.

Israel’s private sector produces goods and services for domestic and international markets based on the market price system.


Israel government favors by the way each country is presented.

67%

Economic Systems

U.S.

76%

Place on the continuum: Israel would fall in the middle of the market side on the continuum.

0

100

Pure

Market

Pure

Command


Turkey
Turkey government favors by the way each country is presented.

  • Northwestern part of the Middle East

  • Between Asia and Europe – has been a center of trade for 1000s of years

  • Has less economic freedom than Israel – government controls telephone and TV industries


Turkey government favors by the way each country is presented.

(1) What to produce?

Turkey has an economy with many large service, manufacturing, and agricultural

sectors.


(2) How to produce? government favors by the way each country is presented.

Since the late 1980s, Turkey has gradually moved from a government directed economy to more private enterprise.


(3) For whom to produce? government favors by the way each country is presented.

1/5 of Turkey’s production is exported. The remainder is consumed by domestic

consumers and

the government.


Economic government favors by the way each country is presented.Systems

Turkey

63%

Place on the continuum: Turkey would fall to the left of Israel on the market side of the continuum.

0

100

Pure

Market

Pure

Command


Saudi arabia
Saudi Arabia government favors by the way each country is presented.

  • Large desert country

  • Rich oil reserves allow Saudis to buy most of the goods they cannot produce themselves.


Saudi Arabia government favors by the way each country is presented.

(1) What to produce?

Saudi Arabia is the world’s leading producer of oil. The Saudi government continues to invest in industrial production. It is a leader in petrochemicals, mining, and refining.


(2) How to produce? government favors by the way each country is presented.

  • Over 95% of the oil industry in the country is operated by the government (the king). Most major industries are operated by the government.

  • 1/3 of Saudi Arabia’s workers come from other countries.

  • The government has used oil profits to invest intechnology development and services for the people.


3 for whom to produce
3) For whom to produce? government favors by the way each country is presented.

  • 1/3 of Saudi Arabia’s GDP is based on exports to other countries (This is due to the economy’s reliance on the oil sector).


Economic government favors by the way each country is presented.Systems

Saudi Arabia

61%

Place on the continuum: Saudi Arabia would fall to the left of Turkey on the continuum.

0

100

Pure

Market

Pure

Command


Economic systems1
Economic government favors by the way each country is presented.Systems

Turkey

63%

0

100

Pure

Command

http://www.heritage.org/index/ranking

Mixed Economy

Pure

Market

Saudi Arabia

61%

Israel

67%


Crct test prep page 1091
CRCT Test Prep page 109 government favors by the way each country is presented.

320. The economies of Israel, Saudi Arabia, Turkey, and Iran could best be described as

A. Mixed

B. Market

C. Command

D. Traditional

A. Mixed


Crct test prep page 110
CRCT Test Prep page 110 government favors by the way each country is presented.

321. How have the Israelis made up for their lack of natural resources?

A. They have put everyone to work and have no unemployment.

B. They have relied primarily on farming to keep their country strong.

C. They have developed strong technology companies in their economy.

D. Israelis have refused to import oil, saving huge amounts of money each year.

C. They have developed strong technology companies in their economy.


Crct test prep page 1101
CRCT Test Prep page 110 government favors by the way each country is presented.

322. Which industry does the government of Saudi Arabia heavily control?

A. oil

B. agriculture

C. technology

D. textile manufacturing

A. oil


Crct test prep page 1102
CRCT Test Prep page 110 government favors by the way each country is presented.

323. How has the Saudi king used the profits from oil to help other areas in his kingdom?

A. Money is distributed directly to all Saudi citizens.

B. The king has ended unemployment in Saudi Arabia.

C. Oil profits have paid for modern technology and services.

D. The king has let the Saudi people decide how to invest oil profits.

C. Oil profits have paid for modern technology and services.


Specialization and trade
Specialization and Trade government favors by the way each country is presented.

GPS: SS7E6a.: Explain how specialization encourages trade between countries.

E.Q. : How does specialization encourage trade between countries?


Specialization do what you do best trade for the rest
Specialization government favors by the way each country is presented.“Do what you do best; trade for the rest!”

  • Countries specialize in producing the goods and services they can make most efficiently so they can trade them for goods made by others that cannot be produced locally.


Specialization
Specialization government favors by the way each country is presented.

  • In SW Asia, some countries are very rich in oil and natural gas.

  • They do not have farmland; it is hard to produce enough food.


Specialization1

Saudi Arabia government favors by the way each country is presented.

Specializes in production of oil and gas and sells these products at great profit on the world market.

They use the money to buy food and technology that will make their little bit of farming more efficient.

Israel

Does not have oil wealth

They have become leaders in agricultural technology – even though (or because) they have a limited supply of arable land.

They sell the technology to earn money to supplement the food they produce.

Specialization


Crct test prep page 111
CRCT Test Prep page 111 government favors by the way each country is presented.

324. What is “economic specialization”?

A. directly swapping goods from one country to another without having to use money

B. trying to avoid investing in industry and technology because of the expense involved

C. producing all goods and services needed for a country’s growth, so that trade with other countries is not needed

D. producing goods a country can make most efficiently so they can trade them for goods made by others that cannot be produced locally.

D. producing goods a country can make most efficiently so they can trade them for goods made by others that cannot be produced locally.


Cr t test prep page 111
CR T Test Prep page 111 government favors by the way each country is presented.

325. Saudi Arabia specializes in the production of

A. oil and gas.

B. oil and sugar.

C. olives and oranges.

D. beef and chicken.

A. Oil and gas


Cr t test prep page 1111
CR T Test Prep page 111 government favors by the way each country is presented.

326. Israel specializes in

A. medical technologies.

B. industrial technologies.

C. scientific technologies.

D. agricultural technologies.

D. agricultural technologies.


Trade barriers

Trade Barriers government favors by the way each country is presented.

GPS : SS7E6b.: Compare and contrast different types of trade barriers such as tariffs, quotas, and embargos.


E.Q. government favors by the way each country is presented.

  • How do barriers limit trade?


Barriers to trade
Barriers to Trade government favors by the way each country is presented.

  • A tariffis a tax placed on goods that one nation imports from another.

  • Many nations use tariffs to protect their industries from foreign competition.

  • Tariffs provide protection by acting to raise the price of imported goods.

  • Thus, tariffs encourage domestic firms to increase their production, and consumers are forced to pay higher prices for the protected goods.


Import quotas
Import quotas government favors by the way each country is presented.

  • Quotas set a limit on the amount of certain goods that can be imported into a country.

  • They tend to work better than protective tariffs, which do not always stop consumers who are willing to pay a higher price for an imported good.


Embargo
Embargo government favors by the way each country is presented.

  • An embargo is a government order stopping trade with another country.

  • Sometimes a government imposes an embargo to express its disapproval of actions taken by another government.

  • The embargo is intended to pressure the offending government to change its actions.

The U.S. is considering a full trade embargo against Iran – because of Iran’s nuclear program.


1973 opec oil embargo
1973 OPEC Oil Embargo government favors by the way each country is presented.

  • 1973 – Arab nations attacked Israel.

  • The U.S. supplied Israel with weapons to fight.

  • In response, OPEC had an oilembargo against the U.S. until 1974.

  • The result was an oil crisis.

    • Oil went from $3/barrel to $12/barrel (it’s $99 today!) Gas prices went from a quarter to a dollar.


Crct test prep page 112
CRCT Test Prep page 112 government favors by the way each country is presented.

327. What is a tariff?

A. a tax paid by the purchaser when goods are sold

B. a tax placed on goods coming into one country from another

C. a tax placed on goods made by local craftsmen or manufacturers

D. a tax paid when goods are shipped from one state to another in the U.S.

B. a tax placed on goods coming into one country from another


Crct test prep page 1121
CRCT Test Prep page 112 government favors by the way each country is presented.

328. What is a quota?

A. a decision to prevent certain goods from being imported

B. a tax placed on imported goods when they enter the country

C. a tax placed on goods when they are purchased in the marketplace

D. a limit to the number or amount of a foreign-produced good that is allowed into the country

D. a limit to the number or amount of a foreign-produced good that is allowed into the country


Crct test prep page 1122
CRCT Test Prep page 112 government favors by the way each country is presented.

329. What is an embargo?

A. a tax placed on goods coming into the country from overseas

B. a limit to the number or amount of a foreign-produced good that is allowed into the country C. a tax paid by the producer before he can sell his goods in another country

D. a formal halt to trade with a particular country for economic or political reasons

D. a formal halt to trade with a particular country for economic or political reasons


OPEC government favors by the way each country is presented.

GPS: SS7E6c. Explain the primary function of the Organization of Petroleum Exporting Countries (OPEC)

E.Q.: What is the function of OPEC?


OPEC government favors by the way each country is presented.

  • Created in 1960 by oil producing countries, mostly in SW Asia

  • They wanted to work together to regulate the supply and price of oil exported to other countries.

  • Supply and Demand: When OPEC countries produce more oil, the price drops. When they produce less the price goes up.


Crct test prep page 113
CRCT Test Prep page 113 government favors by the way each country is presented.

330. Why was OPEC created?

A. to regulate the supply and price of oil

B. to design new machinery to get oil out of the ground

C. to help the Palestinians with their problems with Israel

D. to keep countries that are not members from producing any oil

A. to regulate the supply and price of oil


Crct test prep page 1131
CRCT Test Prep page 113 government favors by the way each country is presented.

331. What happens to the price of oil when OPEC countries decide to limit production?

A. prices rise

B. price drop

C. prices stay the same

D. oil stops being sold

A. prices rise

Prices rise

Stop oil production


Crct test prep page 1132
CRCT Test Prep page 113 government favors by the way each country is presented.

332. Where are most of the OPEC countries located?

A. Africa

B. South America

C. North America

D. Southwest Asia

D. Southwest Asia


Currency exchange

Currency Exchange government favors by the way each country is presented.

GPS: SS7E6d. Explain why international trade requires a system for exchanging currencies between nations.

E.Q. Why does international trade require a system for exchanging currencies between nations?


Exchange rates
Exchange Rates government favors by the way each country is presented.

  • Most countries in SW Asia have their own type of currency.

  • In order to pay for goods they trade with each other, they had to set up a system for changing from one type of currency to another.

  • This is called an exchangerate.

  • Without a system for exchanging currencies, it would be very difficult to conduct international trade.


Crct test prep page 114
CRCT Test Prep page 114 government favors by the way each country is presented.

333. Why is it important for nations to have a system to convert from one currency to another?

A. Converting to different currencies makes goods cost less.

B. Banks are not able to handle different kinds of currencies.

C. The dollar is the most valuable currency in the world today.

D. This makes it possible to buy and sell goods between nations with different types of currencies.

D. This makes it possible to buy and sell goods between nations with different types of currencies.


Relationship of capital to gdp

Relationship of Capital to GDP government favors by the way each country is presented.

in

Israel, Saudi Arabia, and Iran


Gdp and capital
GDP and Capital government favors by the way each country is presented.

  • GPS: SS7E7a. Explain the relationship between investment in human capital and GDP.

  • GPS: SS7E7b. Explain the relationship between investment in capital and GDP.

  • E.Q.: How does investment in human capital affect GDP?

  • E.Q.: How does investment in capital (physical) affect GDP?


GDP government favors by the way each country is presented.

  • GDP, or Gross Domestic Product, is determined by taking the total value of all goods and services produced by a country in a single year.

  • GDP per capita is the GDP divided by the total population.

  • You can tell how wealthy a country is by looking at the GDP per capita.


Human capital
Human Capital government favors by the way each country is presented.

  • The knowledge, skills, and experience of people that make it possible for workers to earn a living producing goods and services.

  • Human capital can be increased by investing in education, health care, and job training.


  • 3 prime components to government favors by the way each country is presented.improving a nation's human capital:

    • importing skilled labor

    • educating the population

    • providing for its health


Physical capital
(Physical) Capital government favors by the way each country is presented.

  • Capital goods (buildings, machines, and technical equipment used in production) are important to economic growth.

  • Producing more goods for sale in a quicker, more efficient way leads to greater profit and economic growth.


Capital investment increases gdp
Capital investment increases GDP government favors by the way each country is presented.

  • Investing in capital increases a company’s profit and makes for satisfied workers.

  • When countries invest in capital, they have higher GDPs.


Set up a flow chart like this for israel saudi arabia and iran
Set up a Flow Chart Like This for Israel, Saudi Arabia, and Iran

Physical Capital

GDP

Human Capital


Israel human capital
Israel Iran Human Capital

  • Israel spends 6.9% of GDP on education

  • Literacy: 97.1%

  • Years spent in school:15

  • Invests in human capital so workers will be able to work in industry and technology


Israel physical capital
Israel Iran Physical Capital:

  • Has invested heavily in capital goods because much of their economy depends on technology, industry, and advanced communications systems (not many natural resources).

  • Has invested heavily in agricultural technology.

  • Has also heavily invested in defense industry.


Israel1
Israel Iran

  • GDP: $31,400 (2011 est.)


Saudi arabia human capital
Saudi Arabia Iran Human Capital

  • Saudi Arabia spends 6.8% of GDP on education

  • Literacy: 78.8%

  • Years spent in school: 9

  • Invests in human capital – it takes a well educated, well-trained workforce to operate the technology involved in the oil industry.


Saudi arabia physical capital
Saudi Arabia Iran Physical Capital

  • Has invested heavily in capital goods, especially technology related to oil production, transportation, and communication.


Saudi arabia1
Saudi Arabia Iran

  • GDP: $24,500 (2011 est.)


Iran human capital
Iran Iran Human Capital

  • Iran spends 4.9% of GDP on education

  • Literacy: 77%

  • Years spent in school: 11.3

  • Has invested in human capital - good schools for jobs in advanced technology


Iran physical capital
Iran: Physical Capital Iran

  • Has made great investments in capital goods related to oil production, technology, and communication.

  • Has also invested heavily in defense industry.

  • Has inefficiency and poor organization in the parts of the economy under government control


Iran Iran

  • GDP: $13,200 (2011 est.)


Crct test prep page 115
CRCT Test Prep page 115 Iran

334. What is human capital?

A. skills and education workers have

B. taxes collected from a country’s workers

C. money paid to workers for producing goods

D. The amount of goods sold in foreign trade in a year

A. skills and education workers have


Crct test prep page 116
CRCT Test Prep page 116 Iran

335. Why have the Israelis made a big investment in human capital?

A. Their main industry is the oil industry.

B. Investing in human capital takes very little money.

C. They have to bring in workers from other countries.

D. They need well-trained workers because their economy depends on advanced technology.

D. They need well-trained workers because their economy depends on advanced technology.


Crct test prep page 1161
CRCT Test Prep page 116 Iran

336. Why would the Saudi oil industry need a large investment in human capital?

A. The technology in the oil industry is very complicated.

B. The Saudis have found it hard to make a profit in the oil industry.

C. Most people working in the Saudi oil industry have little or no real training.

D. They hope to have machines take over most of the jobs now done by workers.

A. The technology in the oil industry is very complicated.


Crct test prep page 1162
CRCT Test Prep page 116 Iran

337. One of Iran’s biggest problems with their state-run oil industry is

A. few remaining large oil deposits.

B. lack of a market for their product.

C. inefficiency and poor organization.

D. a labor force that does not want to work.

C. inefficiency and poor organization.


Crct test prep page 1163
CRCT Test Prep page 116 Iran

338. If a country does not invest in its human capital, how can it affect the country’s GDP?

A. Investment in human capital has very little effect on a country’s GDP.

B. Most workers want to keep their jobs and do not care about GDP.

C. GDP is only affected if workers pay for the investment out of their own pockets.

D. GDP may go down because poorly trained workers will not be able to do their jobs as well.

D. GDP may go down because poorly trained workers will not be able to do their jobs as well.


Crct test prep page 117
CRCT Test Prep page 117 Iran

339. What are capital goods?

A. the workers who make the goods and services

B. the factories and machines used to make goods

C. the money spent to train workers to use new technology

D. the goods and services that are produced for a country’s economy

B. the factories and machines used to make goods


Crct test prep page 1171
CRCT Test Prep page 117 Iran

340. Israel has invested heavily in capital goods in all of the following areas EXCEPT

A. oil

B. defense

C. communication

D. farming and agriculture

A. oil


OIL Iran

  • GPS: SS7E7c. Explain the role of oil in these countries’ economies.

  • E.Q.: How does oil affect these countrie’s economies?


Importance of oil
Importance of Oil Iran

  • In SW Asia, one of the most important natural resources is oil.

    • Over ½ of the world’s known oil supplies are found in SW Asia

  • Oil and natural gas are fossil fuels – nonrenewable resources.

  • Most industrial nations depend heavily on a steady supply of oil and natural gas.

  • We import about ½ of the oil we use (about 18 million barrels PER DAY!)


  • SW Asian countries, therefore, already have a Iranmarket for their oil.

  • Many of them have become very rich in the last 50 years as the world demand for oil and gas have increased.

  • Saudi Arabia & Iran are 2 of the world’s largest oil producers.

  • Israel has few resources and almost no oil.


Israel Iran

  • Israel has a highly developed industrial economy which needs oil and gas to operate.

  • World price of oil has huge impact on Israel.

  • Israel mines minerals like phosphates and Dead Sea salt to sell, but depends on technology for most of its GDP.


Saudi arabia from desert kingdom to modern nation in 100 years
Saudi Arabia: from Desert Kingdom to Modern Nation in 100 years

  • Has very few natural resources

  • Has lots of oil

  • Has allowed Saudi Arabia to become very influential in the world economy and OPEC

  • Oil $$$ has allowed Saudi Arabia to

    • Modernize agriculture, roads, schools, airports, communications systems

    • Improve ordinary citizens’ lives


Iran years

  • Has rich farmland

  • Has access to water for irrigation and farming

  • Has varied economy – OIL is largest contributor to GDP (85% of GDP comes from oil!)

  • 1/3 of people work in agriculture

  • Political problems have slowed economy

  • Member of OPEC


Crct test prep page 118
CRCT Test Prep page 118 years

341. Why are oil and gas such valuable natural resources?

A. Large deposits of oil and gas are found in most countries.

B. It is easy to replace oil and gas supplies after they are used.

C. Industrial countries depend on oil and gas as their energy supply.

D. Oil and gas are the only sources of energy used around the world.

C. Industrial countries depend on oil and gas as their energy supply.


Crct test prep page 1181
CRCT Test Prep page 118 years

342. How much of the oil used by the U.S. has to be imported every day?

A. 33%

B. 50%

C. 75%

D. nearly 100%

B. 50%


Crct test prep page 1182
CRCT Test Prep page 118 years

343. How has the Saudi government used its national wealth to change the country?

A. All Saudi citizens are given an equal share of the national wealth.

B. The Saudi government has spent very little to improve the lives of ordinary citizens.

C. A majority of the national wealth has been given to religious organizations in the country.

D. The government has paid for improvements in transportation, education, health care, and agriculture.

D. The government has paid for improvements in transportation, education, health care, and agriculture.


Crct test prep page 1183
CRCT Test Prep page 118 years

344. How do Iran and Saudi Arabia benefit from belonging to OPEC?

A. OPEC keeps the price of oil high on the world market.

B. Countries in OPEC are able to share water resources with each other.

C. The organization sets up tariffs to protect SW Asian manufacturing.

D. OPEC makes it possible for SW Asian countries to buy oil at low prices.

D. OPEC makes it possible for SW Asian countries to buy oil at low prices.


Entrepreneurs
Entrepreneurs years

GPS: SS7E7d. Describe the role of entrepreneurship.

E.Q.: How does entrepreneurship affect economic growth?

Entrepreneurs take risks to create new businesses and products.


Crct test prep page 119
CRCT Test Prep page 119 years

345. What is an entrepreneur?

A. people who enjoy saving all their money

B. business people who try not to take risks with their money

C. someone who is always successful in whatever he attempts

D. someone who is willing to take a risk to begin a new business

D. someone who is willing to take a risk to begin a new business


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