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 Israel Saudi Arabia

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 Israel Saudi Arabia Turkey