Economies of the Middle East

Traditional economies focus on...

• exporting oil

• Trading with other countries

• Technological advances

• Farming & hunting

The __________ controls a command economy by owning most resources.

• Country's lead economist

• The citizens

• The government

• Legislature

In a market economy, the people answer these questions:

• 1. What to produce?

  2. How to produce?

  3. For whom to produce?

• 1. What to produce?

  2. Where to produce?

  3. For whom do we trade it with?

• 1. What is our GDP?

  2. How can we raise it?

• 1. How much to produce?

  2. How to produce?

  3. Where to produce?

Privately owned companies are a sign of an economy that falls on the _______ side of the economic continuum.

• Command

• Traditional

• Pure

• Market

Industries being owned by the government is a sign of an economy that falls more on the ________ side of the economic continuum.

• Command

• Traditional

• Pure

• Market

Based on their placement on the economic continuum, which of these 3 countries have the LEAST amount of government involvement in their economy?

• Saudia Arabia

• Turkey

• Israel

Based on their placement on the economic continuum, which country's government would own the MOST of the companies within that country?

• Saudi Arabia

• Turkey

• Israel

What does "domestic" mean?

• Imported into your country

• Made in your country

• Exported out of your country

• Sold in your country.

Entrepreneurs are LEAST likely to be found in a _________ economy.

• Command

• Traditional

• Pure

• Market

Israel lacks natural resources. Therefore, their main industry is _________.

• Timber

• Shipbuilding

• Technology

• Oil