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Video Presentation by Sahithi and Iknoor.

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[Audio] An economic system is the way and economy functions. There are four main types, traditional, command, market, and mixed..

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[Audio] Three economic questions are What to produce. How to produce. For whom to produce.

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[Audio] In a traditional economy people rely on customs, and traditions from their past. A command economy is run completely by the government, while a market economy is on individual businesses and consumers. Lastly, a mixed economy is a blend of all systems..

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[Audio] Where you lie on the economic continuum tells you whether you are leaning mor toward command or market..

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[Audio] The standard of living refers to the comfort in which you are living in..

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[Audio] The literacy rate is the percentage of adults who can read.

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[Audio] GDP is the gross domestic product. The amount of goods produced in a year..

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[Audio] Israel has about 488.5 billion. Saudi Arabia 833.5 billion. Turkey 819 billion.

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[Audio] The factors of economic growth are natural resources, human capital, capital goods, and entrepreneurship..

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[Audio] Natural resources come from the earth, these resources increase GDP, the country benefits if there is a large amount of these resources, and the most valuable is water..

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[Audio] Human capital is vital for organizations, it is the skill of humans, this also increases the GDP..

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[Audio] Few facts about capital goods are that they are machinery that are used to produce goods. The more you invest in capital goods the higher the GDP..

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Facts About Entrepreneurship.. Light bulb over people discussing.

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[Audio] Specialization is when you mainly focus on one thing..

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[Audio] Trade benefits buyers to get products that they don't have, and the producers get the money..

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[Audio] Trade barriers such as tariffs are taxes put on items for the shipping. Quota is a limit on an item, and embargo is a complete ban..

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[Audio] The OPEC is the organization of the petroleum exporting countries. It is a group of countries that work together to keep the policies beneficial, and stable..

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[Audio] A cartel are organizations set by individual producers to profit..

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[Audio] Currency exchange is to make it easier to trade even with different currencies. It is when you make two currencies to one..

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[Audio] Israel, Saudi and Turkey's have a mixed economy, but are leaning toward market. Israel specialize in technology, Saudi in oil, and turkey in capital goods..

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[Audio] Thankyou. [image] A picture containing nature night sky northern lights.