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Compare and contrast the economies of Israel, Saudi Arabia,
Transcript of Compare and contrast the economies of Israel, Saudi Arabia,
Compare and contrast the economies of Israel, Saudi Arabia, and Turkey in Southwest Asia
One of the largest countries in SW Asia
it is located to the south of Israel on the Arabian Peninsula
Most Saudis are Sunni Muslims
Saudi Arabia is the location of Mecca, the holiest city for the Muslims
Though much of Saudi Arabia is desert, the country has rich oil reserves that allow the Saudis to buy most of the goods they cannot produce themselves
The kind of Saudi Arabia and his advisers make most of the decisions about how and where to use oil profits
They have invested a lot of the nation’s wealth in technologies that allow them to produce goods they would not be able to do otherwise in a desert climate
Saudi Arabia is the world’s leading producer of oil. The Saudi government continues to invest in industrial production. They are a leader in petrochemicals, mining, and refining.
Over 95% of the oil industry in the country is operated by the government. Most other major industries have significant government involvement. Saudi Arabia relies heavily on specialized labor from other countries. Estimates are that a third of the labor force falls in this category. Since the 1980s, the Saudi government has been trying to increase private ownership of business and encourage more joint ventures with private foreign companies.
One third of Saudi Arabia’s GDP is based on exports to other countries. (This is due to the economy’s reliance on the oil sector.)
• For thousands of years traders have crossed Turkey from Europe to Asia.
• Turkey has a diversified economy with large service, manufacturing, and agricultural
• Since the 1980’s Turkey has slowly moved from a government directed economy to more privately own
• 1/5 of Turkey’s production is exported. The rest is consumed by domestic consumers and the government
• 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)
Israel is located along the Mediterranean coast and has a relatively small geographic area
Israel was founded in 1948 as homeland for the world’s Jews, and most of the citizens are Jewish
Though they have many problems with their Arab neighbors, Israel has good relations with much of Western Europe and with the United States
The Israelis have built an economy based on advanced technology that has allowed them to make up for much of what they lack in farmland and natural resources.
A large portion of Israel’s GDP comes from high tech manufacturing, financial services, and agricultural technology
Israel has substantial government ownership of business, but is gradually privatizing companies.
The private sector produces goods and services for domestic and international markets based on the market price system
Turkey is located in the northwestern part of the Middle East. The city of Istanbul in Turkey is seen as the gateway to Asia from Europe to Asia. Turkey has the least economic freedom of the four countries. Industries such as airlines and railroads have been controlled by the government. The government has controlled
the telephone and television industries as well. However, in recent times, the government has been loosening its hold on these key businesses. More private ownership has been allowed. More laws have been passed to protect business owners.
(1) What to produce? Turkey has a diversified economy with large service, manufacturing, and agricultural sectors.
(2) How to produce? Since the late 1980s, Turkey has gradually moved from a government directed economy to more private enterprise.
(3) For whom to produce? One fifth of Turkey’s production is exported. The remainder is consumed by domestic consumers and the government.