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MEast Govt & Econ

Government & Economics of the Middle East 2014

TermDefinition
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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