Middle East Government & Economics Study Guide

This set of flashcards covers key concepts related to government and economics in Southern and Eastern Asia, focusing on various forms of government, economic systems, trade barriers, and factors influencing economic growth.

What type of government is characterized by few rights for citizens and the leader making all decisions?

Autocratic government

What type of government allows citizens to have many rights and to vote for their leader?

Democratic government

In a presidential democracy like South Korea, how do citizens participate in their government?

Citizens directly vote for the head of government.

In a parliamentary democracy, how is the prime minister chosen?

Citizens elect representatives who elect the prime minister.

What type of government allows citizens to have the most influence?

Presidential democracy

What are the three economic questions used to determine an economic system?

What to produce, How to produce, For whom to produce.

Define tariff.

A trade barrier that places a tax on imported goods; used to protect domestic goods.

What is an embargo?

A trade barrier that forbids trade with a specific country, usually for political reasons.

What trade barrier is most often used during conflict?

Embargo.

Why do countries need a system for exchanging currencies?

Because countries have different currencies and need a way to trade.

How does the location of a nation affect its ability to trade?

Countries without access to shipping routes have more difficulty and higher costs for shipping goods.

Define GDP.

Gross Domestic Product; the total value of goods and services produced in a year.

What is meant by human capital?

The training and education of a nation's workforce.

What does specialization mean in an economic context?

Countries produce what they can produce more efficiently, leading to interdependence.

What is a standard of living?

The level of material comfort that someone is used to; higher GDP generally leads to higher standards of living.