Studied by 4 people
Traditional Economy- How are prices of goods and services determined?
All economic are based on customs, traditions & beliefs of the past. Barter system... based on need
command economy- How are prices of goods and services determined?
All economic decisions are made by the government. The government sets the prices of goods and services
market economy- How are prices of goods and services determined?
Individuals own businesses & freely choose what to buy & sell in free markets with little government interference. Individuals by and sell freely in this type economy.
Israel economy- What do they specialize in? Does the government control any of these industries?
mixed but closer to market. Technology- medical and military technology Mining Cutting and Polishing Diamonds. Government controls agriculture
Turkey Economy- What do they specialize in? Does the government control any of these industries?
mixed market= Dams, Mining, Natural resources, Automobile manufacturing, textiles
Saudi Arabia economy- What do they specialize in? Does the government control any of these industries?
Mixed command- Oil government controls oil
Specialization
the development of skills in a specific kind of work
Traiff
A tax on imported goods
Natural Resources
Raw materials supplied by nature
Human Capital
People who perform labor ....examples... education and skills training
Capital Resources
Items that people need in order to perform their jobs... examples...factories, machinery, technology
OPEC
A union of countries that regulates the price of oil by controlling it’s supply and demand
GDP
Gross Domestic Product- the total market value of all final goods and services produced annually in an economy
Sharia Law
Religious regulations/laws governing the lives of Muslims. Saudi Arabia, Iran
Mustafa Ataturk
Leader in Turkey who led the country from a command to mixed market economy by developing infrastructure
King Salman
King of Saudi Arabia
Prime Minister Naftali Bennett
prime minister of israel
Autocracy
Generally the power to rule the country is inherited(kings/queens or is taken by military force
Confederation
A joining of several groups for a common purpose.
Oligarchy
a small group of people having control of a country, organization, or institution.
Democracy
A political system in which the supreme power lies in a body of citizens who can elect people to represent them
What is the difference between a Presidential and Parliamentary Democracy? How is the leader chosen in each of these?
In a presidential democracy, the executive and legislature are elected separately by the citizens. In a parliamentary democracy, the citizens elect a legislature who select an executive.
Turkey-government and leader- name of legislature-
Presidential Democracy/President and Grand National Assembly
Israel government and leader- name of legislature-
Presidential Democracy/President and Prime Minister and Knesset
Saudi Arabia government, leader- name of legislature-
Absolute Monarchy/King and Consultative Assembly/Counsel
Note 
Flashcard (41)