SW ASIA GOVERNMENT AND ECONOMY STUDY GUIDE 2022 DEC

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