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MEast Govt & Econ
Government & Economics of the Middle East 2014
| Term | Definition |
|---|---|
| Autocracy | Type of government where the ruler has absolute power |
| Democracy | Type of government where the citizens express their opinions through voting and decide who the rulers are |
| Oligarchy | Type of government ruled by a small group; government by the few |
| Monarchy | Type of government where the ruler inherits the position; usually a king or queen |
| Theocracy | Type of government where religious leaders serve as leaders of the government; leadership is based upon the teachings of one religion |
| Unitary | Form of government where the central government holds nearly all of the power |
| Confederation | Form of government where local governments hold all of the power; a loose alliance of countries or states that work together, usually for trade |
| Federal | Form of government where power is shared among the different levels of government |
| Presidential Democracy | Type of democracy where citizens elect the leader who serves separately from the legislature; this leader does not rely on the legislature's approval to remain in office |
| Parliamentary Democracy | Type of democracy where the people vote for members of the legislature; then Parliament chooses a Prime Minister |
| Market Economy | Economic system where individuals decide what to produce and what to buy |
| Command Economy | Economic system where the government makes the economic decisions |
| Traditional Economy | Economic system where decisions are made based on customs and habits |
| Mixed Economy | Economic system that is a combination of both market and command economies |
| Human Capital | The skills, knowledge, and training of workers |
| Entrepreneurs | Business people willing to take risks to create new businesses and products |
| Capital Goods | Factories, machinery, and technology used in production; roads, sewer systems, water treatment plants, dams, or bridges to improve an area's ability to do business |
| Natural Resources | Land, water, forests, rich soil, minerals, etc. |
| Embargo | A ban on trade with a country for political reasons |
| Quota | A limit on the amount of foreign goods that can come into a country |
| Tariff | A tax placed on goods when they are imported into another country |
| Saudi Arabia | Middle Eastern country that is ruled by a king (monarchy) and specializes in oil production |
| Israel | Middle Eastern country that has little oil, specializes in agricultural technologies, and is a democracy |
| Iran | Middle Eastern country that is a theocracy |
| Specialization | Situation when a country makes a specific product that is in demand in other areas; this country will use the money it earns to trade with other countries for goods they can't produce in their own country |
| Exchange Rate | System of changing from one type of currency to another |
| Currency | Type of money |
| OPEC | Organization of Petroleum Exporting Countries that regulates the price and production of oil |
| GDP (Gross Domestic Product) | The amount of money a country earns in a year |
| Mixed Economy | The economic system that most countries fall into the category of |
| Confederation | OPEC and the United Nations are this type of government organization (members hold the power) |
| Sharia Law | Laws based on the teaching of the Quran/Koran; much of the law in Saudi Arabia is based on this type of law |
| Saudi Arabia | Country where the king and his advisors hold the power and make the laws and there is no written constitution |
| Saudi Arabia | Country where leaders have invested a lot of the nation's oil wealth in technologies that allow them to produce goods they would not be able to do otherwise in a desert climate |
| Saudi Arabia | Country that specializes in oil production and uses the money to purchase food and the technology they need like desalination |
| Israel | Country that is a parliamentary democracy; the Prime Minister leads the Knesset, its parliament |
| Israel | Country that has built an economy based on technology that has allowed them to make up for their lack of farmland and natural resources |
| Israel | Country with little oil wealth but have become leaders in agricultural technology to deal with their limited farmland |
| Shia | Religious group that is dominant in Iran; they believe their leaders should play an active role in making political decisions |
| GDP per capita | The amount of money a country earns per year per person |
| Human capital | The Israeli GDP is very high because they have invested heavily in their ___, or work force |
| Capital goods | The Israeli government has invested heavily in ___ like technology, industrial equipment, and communication systems |
| Traditional | Type of economic system Saudi Arabia had before the discovery of oil; many people were Bedouin farmers and herders |
| Capital goods | Saudi Arabia has invested heavily in ___, especially the technology related to oil production |
| Iran | Country that is moving from a command economy to a mixed economy; its government spends a great deal of money on technology for its defense industry |
Created by:
MrsRidley
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