Economic Systems in Israel, Saudi Arabia and Turkey SS 7 E 5 c- Compare and Contrast the economic systems in Israel, Saudi Arabia and Turkey.
Israel • Has almost no natural resources. • Economy is based on advanced technology and financial services • Israel has a large government ownership of business but is gradually letting individual own the companies. • The private part produces goods and services for domestic and international markets based on a market price system (individual decide).
Command Market Israel
Saudi Arabia • The country is rich in oil reserves and allows the country to buy goods it cannot produce. • They are the world leader in oil production • The King and his advisors make most of the decisions about how and where to use the oil profits. • A lot of wealth has been invested in technologies.
• Over 95% of the oil industry in the country is operated by the government. Most other industries have major government involvement also. • Since the 1980’s, the Saudi government has been trying to increase private ownership of businesses. • 1/3 of Saudi Arabia GDP (wealth) is based on exports.
Command Market Saudi Arabia Israel
Turkey • For thousands of years traders have crossed Turkey from Europe to Asia. • Turkey has a diversified economy with large service, manufacturing, and agricultural industries. • Since the 1980’s Turkey has slowly moved from a government directed economy to a more privately own. • 1/5 of Turkey’s production is exported. The rest is consumed by domestic consumers and the government.
Command Market Saudi Turkey. Israel Arabia
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