47 - Trade and OPEC in SW Asia Remediation

Israel and Turkey

Israel and Iran

Saudi Arabia and Turkey

Iran and Saudi Arabia

Oil is found in all countries of the Middle East.

Larger countries have more oil than smaller countries.

Some countries may have oil, others may not.

Small countries do you have oil.

Abundance of oil, but a scarcity of water

Abundance of coal, but a scarcity of copper

Abundance of natural gas, but a scarcity of oil

Abundance of water, but a scarcity of phosphates

to promote tourism

to determine GDP

to see who has the most money

to trade with each other

when a country produces only the goods it can make easily and efficiently, and then trades to get other goods

when a country produces only special goods, and then trades to get other goods

when a country produces only the goods to export, and then trades to get other goods

when a country only imports goods, and then trades to get other goods

A tax on imports

When the government of a country gives money to certain businesses so that they can continue to compete with imports from other countries

when countries use trade barriers, like quotas or tariffs, to punish another country

A tax on exports

Transportation costs are lower than they were a century ago.

Resources are not evenly distributed among countries.

Greater investment of capital goods increases productivity.

People have limited resources to satisfy unlimited wants.

Laws of Supply and Demand

Scarcity

The Factors of Production

Specialization

To regulate the supply and price of oil

to help the Palestinians in their problems with Israel

to design new machinery to get oil out of the ground

to keep countries that are not members from producing any oil

prices rise

prices drop

prices stay the same

oil stops being sold

OPEC keeps the price of oil high on the world market

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

The organization sets up tariffs to protect Southwest Asian manufacturing

OPEC makes it possible for Southwest Asian countries to buy oil at low prices