Transcript Economic Systems in Israel, Saudi Arabia and Turkey

Economic Systems in Israel, Saudi
Arabia and Turkey
SS7E5c- 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