Economics in the middle east

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Economics in the middle east

  1. 1. Economics in the Middle East SS7E5: Compare and contrast the economic systems in Israel, Saudi Arabia, Turkey, and Iran
  2. 2. Economics Quick Review What are the 3 basic economic questions that must be answered? What goods and services will be produced? How will these goods and services be produced? Who uses the goods and services that are produced? 1.
  3. 3. 2. In a traditional economy, how are economic decisions made? a. Custom and habit b. Government planners c. Consumers and the market d. Combination of consumers and government planners
  4. 4. 3. In a command economy, how are economic decisions made? a. Custom and habit b. Government planners c. Consumers and the market d. Combination of consumers and government planners
  5. 5. 4.In a market economy, who makes the economic decisions? a. Farmers b. Custom and habit c. Government planners d. Consumers
  6. 6. 5. Why are most modern economies referred to as mixed economies? a. Poverty is always highest in countries with market economies b. Government planners do not know how to handle economic problems c. Products made by traditional economies have no markets in the modern world. d. Most countries have all aspects of three economic types at work in their economies.
  7. 7. Economies of the Middle East Israel- built an economy based on advanced technology which makes up for what they lack in farmland and natural resources Saudi Arabia- having rich oil reserves allows for Saudis to buy foreign goods and invest in technologies to allow them to produce goods needed
  8. 8.   Iran- great oil wealth like Saudi Arabia, although most Iranians do not share in the oil wealth/money; more of mixed economy is on the rise, because the command economy’s poor efficiency in recent years Turkey-least economic freedom of the 3 previous countries; airlines, railroads, telephone and television industries are controlled by the government, with recent loosened control private ownership is being allowed, and laws are being passed to support business owners.
  9. 9. Pop Quiz 1. a. b. c. d. The economies of Israel, Saudi Arabia, Turkey, and Iran could best be described as Mixed Market Command traditional
  10. 10. 2. How have the Israelis made up for their lack of natural resources? a. They have put everyone to work and have no unemployment. b. They have relied primarily on farming to keep their economy going. c. They have developed strong technology companies in their economy. d. Israelis have refused to import oil, saving huge amounts of money each year.
  11. 11. 3. Which industry does the government of Saudi Arabia heavily control? a. Agricultural b. Oil c. Technology d. Textile manufacturing
  12. 12. 4. How has the Saudi king used the profits from oil to help other areas of his kingdom? a. Money is distributed directly to all Saudi citizens b. The King has ended unemployment in Saudi Arabia c. Oil profits have paid for modern technology and services d. The King has let the Saudi people decide how to invest oil profits.

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