SW Asia Middle East Economic Systems

What are the three economic questions that every country must answer?

• Where to buy goods and how much it will cost
• What is the governments decision, what are the people's decision, and where to go
• What to produce, how to produce, for whom to produce
• What are the food types to be produced, what are the cars that people want, and what is for SHMS lunch

How does a command economic system answer the three economic questions?

• People make all of the decisions
• People and government work together to make economic decisions 
• Business decide what to make and sel
• Government makes all decisions

Give an example of a pure market economy:

• Japan
• Turkey, USA, and Israel
• Great Britain, Germany, Cuba
• There are none, but US is close

What type of economic system do most democratic countries have?

• Command Economy
• Mixed Economy 
• Traditional Economy
• Market Economy

Which country has the most diversified economy in the Middle East?

• Saudi Arabia
• Turkey
• Iran 
• Israel

What has been a challenge to Israel’s economy?

• Terrorism and technology
• National security and immigration
• Natural Resources
• Environmental Pollution

Since Saudi Arabia became a nation in 1932, it has had 3 economic systems. What are they? 

• Traditional, then Command, and now Mixed Economies
• Traditional, and then Command, and now Market
• First they had a market economy, then it went to traditional, then back to market economy 
• First it had a command economy, then market economy and now it has a traditional economy

How has Saudi Arabia set up private enterprise over the last 30 years?

• They have not allowed any privatization of any part of their economic structure
• Allowed private companies to take over their oil economy and distribute the profits among the people
• Government has encourage private ownership of power generation and natural gas exploration
• Allowed citizens to organize unions for fair trade and pay policies

Some of the challenges of this country are diversifying its economy because oil supplies will run out; and it currently has a high unemployment; unskilled native workforce

• Israel
• Turkey
• Saudi Arabia
• Iran

What type of economic system is found in the Turkey?

• Traditional 
• Mixed 
• Command
• Market