Name _________________________________________ Core __________________ Date ________________________
Unit 3 Economy Study Guide
Key Points:
1. Oil is important to many countries in Southwest Asia. Nations without this resource have different
industries.
2. Water and mineral resources are scarce, although several nations contain oil.
3. Middle Eastern nations have had to overcome many obstacles to economic progress.
Common Misconceptions
 Many people believe petroleum generates wealth for everyone in the region and that all oil-producing
countries are very wealthy. While rulers and elite members of society may be very wealthy, many people
work lower-level jobs and are extremely affected by recessions and market fluctuations. Also, companies
from the United States and Europe (among other areas) own some of the oil rights in the region.
 Not all of the world's petroleum is found in Southwest Asia. While this region contains more than half the
world's oil reserves, places like Canada, Venezuela, Mexico, Kazakhstan, Azerbaijan, Nigeria, and Ghana
are other areas that contain oil reserves.
Identify and explain the significance of the following terms:

Organization of the Petroleum Exporting Countries–_________________________________________
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Mixed Economies- ____________________________________________________________________
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Fossil Water- ___________________________________________________________________________
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Reading Guide:
1. Explain what role crude oil plays in the lives of people around the world. ___________________________
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2. Analyze the impact a petroleum-based economy has had on Southwest Asia. ________________________
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Multiple Choice
1. OPEC stands for the Organization of Petroleum
3. OPEC raised oil prices and refused to sell oil to
_______ Countries.
countries supporting Israel during the ________.
A. Embargo
A. 1973 Oil Embargo
B. Exporting
B. Holocaust
C. Extension
C. 1967 Arab-Israeli War
D. Excavating
D. Creation of a Jewish homeland
2. The OPEC member-countries with the greatest
4. After the oil crisis, many countries promoted
oil reserves and influence are in _______.
fuel-efficient cars to avoid the dependency on
A. South America
________.
B. The Middle East
A. Energy conservation
C. Asia
B. Foreign-built cars
D. The United States
C. Foreign oil imports
D. The use of military force
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Notes: