Unit 1 Lessons 6 + 7 Economies and Oil

An economy controlled by the government

An economy based on bartering and family traditions

An economy driven by supply and demand

An economy that combines several types of economies

United States

South Korea

North Korea

Japan

The price increases

The price stays the same

The price decreases

The price becomes unpredictable

A command economy is based on bartering, while a market economy is based on supply and demand.

A command economy is controlled by the government, while a market economy allows individuals to innovate based on supply and demand.

A command economy is found in the United States, while a market economy is found in North Korea.

A command economy allows for free competition, while a market economy does not.

True

False

Saudi Arabia

Israel

Kuwait

Sudan

Iran

United Arab Emirates

Russia

Saudi Arabia

OPEC stands for Organization of the Petroleum Exporting Countries.

OPEC ensures crude oil is distributed fairly around the world.

OPEC makes sure oil prices do not get too low or high.

OPEC only includes countries from Southwest Asia.