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Governments of the Middle East
Economic Systems
Economic Systems of the Middle East
Vocabulary
100

In this form of government, individuals have more power than they do in an autocracy.

What is a democracy?

100

In this system of government, the president is chosen by majority vote of the people of the country.

What is presidential democracy?

100
Israel, Saudi Arabia, and Turkey have this economic system.
What is mixed economy?
100
In Saudi Arabia, this industry is heavily controlled by the government.
What is the oil industry?
100

An economy based on customs and traditions.

What is a traditional economy?
200

In this form of government, there is a monarch, but he/she does not have any real power.

What is a Constitutional Monarchy?

200
In this form of government, the president is chosen by the political party with the most members in parliament.
What is parliamentary democracy?
200
In this economic system, individuals are not allowed to start new businesses.
What is command economy?
200
Producing what a country makes most efficiently and trading that with others who need it.
What is specialization?
200

The value of all goods and services produced in a nation for a given year.

What is Gross Domestic Product (GDP)?

300

Human Capital, Capital goods, natural resources, and entrepreneurship 

What are factors of production?

300
Israel's legislative branch.
What is the Knesset?
300

Organization created to stabilize and control the oil market and ensure fair pricing to members.

What is OPEC?
300
The US forbid trade with Iraq when Saddam Hussein was president. This an example of ________.
What is embargo?
300

The knowledge and skills a person needs to earn a living producing goods and services.

What is human capital?

400

Literacy rates are tied directly to standard of living. If the literacy rate is high, the standard of living is high. To improve literacy rates, governments need to invest in____________________.

What is Human Capital?

400

In this country, only citizens 21 and older are allowed to vote.

What is Saudi Arabia?

400
In market economy, ___________ and _____________ determine what products are made and how they are produced.
What are producers and consumers?
400
A tax of 15% on pistachios from Iran makes them more expensive that pistachios from the US. This is an example of ___________.
What is a tariff?
400

Factories, machinery, technology, and specialized equipment

What are capital goods?

500

This branch of government is responsible for making and carrying out the laws in a parliamentary democracy.

What is the legislative branch?

500

This country is considered to have a theocratic government.

What is Saudi Arabia?

500

Economies that operate somewhere in between market economy and command economy.

What is mixed economy?

500
Saudi Arabia may export only 2 billion barrels of oil a year to the US. This is an example of __________.
What is quota?
500

A person who takes a risk to start a new business.

What is an Entrepreneur?