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SS7E5 The student will analyze different economic systems.

a. 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.

b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.

SS7E1 The student will analyze different economic systems.

1. What does it mean to analyze something?

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2. What is an economic system?

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a. 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.

3. What is a traditional economy?

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4. What is a command economy?

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5. What is a market economy?

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6. How does each type of economy determine what to produce, how to produce, and for whom to produce in their economy?

|Type of Economy |What to produce |How to produce | |

| | | |For whom to produce |

|Traditional Economies | | | |

|Command Economies | | | |

|Market Economies | | | |

|Mixed Economies | | | |

The student will understand that the production, distribution, and consumption of goods/services produced by the society are affected by the location, customs, beliefs, and laws of the society.

7. What does it mean to produce something? What is an example of production of goods/services?

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8. What does it mean to distribute something? What is an example of distribution of goods/services?

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9. What does it mean to consume something? What is an example of consumption of goods/services?

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10. What is a society?

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11. How are the production, distribution, and consumption of goods/services produced by the society affected by the location of the society?

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12. How are the production, distribution, and consumption of goods/services produced by a society affected by the customs, beliefs, and laws of the society?

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b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.

13. What is a continuum?

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14. What is a mixed economy?

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15. Why do most countries have a mixed economy on a continuum in between pure market and pure command?

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SS7E5 The student will analyze different economic systems.

c. Compare and contrast the economic systems in Israel, Saudi Arabia, and Turkey.

What are the similarities and differences of the economic systems in Israel, Saudi Arabia, Turkey?

|Countries |Type of Economy |What do they produce? |How do they produce it? |For whom do they produce it? |

|Israel | | | | |

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|Saudi Arabia | | | | |

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|Turkey | | | | |

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SS7E6 The student will explain how voluntary trade benefits buyers and sellers in Southwest Asia (Middle East).

a. Explain how specialization encourages trade between countries.

b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos.

c. Explain the primary function of the Organization of Petroleum Exporting Countries (OPEC).

d. Explain why international trade requires a system for exchanging currencies between nations.

a. Explain how specialization encourages trade between countries.

16. What is voluntary trade?

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17. How does voluntary trade benefit buyers and sellers in SW Asia?

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18. What is specialization?

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19. How does specialization encourage trade between countries?

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b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos. Types of Trade Barriers

20. What is a tariff? Example?

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21. What is a quota? Example?

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22. What is an embargo? Example?

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23. How do tariffs, quotas, and embargos serve as barriers to trade?

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d. Explain why international trade requires a system for exchanging currencies between nations.

24. What is international trade?

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25. What is currency?

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

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SS7E6 The student will explain how voluntary trade benefits buyers and sellers in Southwest Asia (Middle East). (c) Explain the primary function of the Organization of Petroleum Exporting Countries (OPEC).

27. What is the Organization of Petroleum Exporting Countries (OPEC)?

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28. What is the primary function (main purpose) of OPEC?

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SS7E7 The student will describe factors that influence economic growth and examine their presence or absence in Israel, Saudi Arabia, and Iran.

a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP).

b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP).

c. Explain the role of oil in these countries’ economies.

d. Describe the role of entrepreneurship.

a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP).

29. What is human capital?

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30. What is an investment?

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31. What does it mean to have investment in human capital?

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32. What is the gross domestic product?

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33. What is the relationship between investment in human capital (education and training) and gross domestic product (GDP)?

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b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP).

34. What is capital?

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35. What does it mean to have an investment in capital?

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36. What is the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP)?

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SS7E7 The student will describe factors that influence economic growth and examine their presence or absence in Israel, Saudi Arabia, and Iran.

c. Explain the role of oil in these countries’ economies.

37. What is the role of oil in Israel?

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38. What is the role of oil in Saudi Arabia?

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39. What is role of oil in Iran?

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d. Describe the role of entrepreneurship.

40. What is an entrepreneur?

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41. Which country would have the most entrepreneurs? Why?

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42. What is the role of entrepreneurship in SW Asia?

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|Country |Literacy Rate |Human capital |Capital |Type of economy |Oil |

|Iran | | | | | |

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|Saudi Arabia | | | | | |

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|Israel | | | | | |

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43. Which country has the highest literacy rate?

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44. Which country has the highest GDP?

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45. Which country spends the most on capital?

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46. Which country spends the most on human capital?

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