Video Presentation by Sahithi and Iknoor.
[Audio] An economic system is the way and economy functions. There are four main types, traditional, command, market, and mixed..
[Audio] Three economic questions are What to produce. How to produce. For whom to produce.
[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..
[Audio] Where you lie on the economic continuum tells you whether you are leaning mor toward command or market..
[Audio] The standard of living refers to the comfort in which you are living in..
[Audio] The literacy rate is the percentage of adults who can read.
[Audio] GDP is the gross domestic product. The amount of goods produced in a year..
[Audio] Israel has about 488.5 billion. Saudi Arabia 833.5 billion. Turkey 819 billion.
[Audio] The factors of economic growth are natural resources, human capital, capital goods, and entrepreneurship..
[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..
[Audio] Human capital is vital for organizations, it is the skill of humans, this also increases the GDP..
[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..
Facts About Entrepreneurship.. Light bulb over people discussing.
[Audio] Specialization is when you mainly focus on one thing..
[Audio] Trade benefits buyers to get products that they don't have, and the producers get the money..
[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..
[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..
[Audio] A cartel are organizations set by individual producers to profit..
[Audio] Currency exchange is to make it easier to trade even with different currencies. It is when you make two currencies to one..
[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..
[Audio] Thankyou. [image] A picture containing nature night sky northern lights.