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Middle East

Government and Economics

TermDefinition
Autocracy One person has total power
Democracy Citizens have the right to vote for their leaders
Presidential Democracy Citizens vote for president; the president is both the head of state and head of government
Parliamentary Democracy Citizens elect members to parliament, members of parliament select the prime minister; the prime minister is the head of government
Federal Power is divided between federal, regional, and local governments
Theocracy Government ruled by a religious leader
Autocratic Monarchy King or Queen has total power
Constitutional Monarchy King or Queen's power is limited by a constitution
Head of Government Leader of the government that runs the government
Head of State Government leader that has ceremonial duties and little power
Dictatorship One person rules by force, often relying on the military
Government in Saudi Arabia Absolute Monarchy
Government in Israel Parliamentary Democracy
Government in Iran Islamic Republic
Government in Turkey Parliamentary Democracy
Citizen participation in Israel Democracy
Citizen participation in Saudi Arabia Autocracy
Sharia Law Law based on the laws of Islam; practiced in Iran, Saudi Arabia, and many other Southwest Asian countries
Head of Government in Israel Prime Minister
Head of Government in Saudi Arabia King
Head of Government in Iran Ayatollah
GDP Gross Domestic Product; the total value of goods and services produced in a country in a year
4 Factors of Economics Growth Entrepreneurship, human capital, capital goods, natural resources
Entrepreneurship A person willing to risk their time and money in a new product or improved product
Human Capital The value of a person's skills and education
Capital Goods Goods used to make other goods
Natural Resources Gifts from the Earth
Specialization When countries focus on producing what they can produce easily and trade for what they need
Interdependence When countries rely on each other for goods and services; usually a result of specialization
Market Economy Supply and demand determine what is produced, how much is produced, and for whom it is produced
Command Economy The government determines what is produced, how much is produced, and for whom it is produced.
Traditional Economy Traditions and customs determine what is produced, how much is produced, and for whom it is produced.
Mixed Economy A combination of government and supply and demand control economic decisions
Scarcity When there is not enough of a good
Surplus When there is more than needed of a good
OPEC Organization of Petroleum Exporting Countries; controls the price of oil in the world by controlling the supply
Export Goods that are sent out of the country to another
Import Goods that are brought into a country from another
Quota A limit on imports
Tariff A tax on imports
Embargo A refusal to trade with a country
subsidy a handout given to a certain industry to help them to be more competitive
Israel is specialized in... cutting diamonds, technology, and minerals
Saudi Arabia and Iran specialize in.... Oil and natural gas
Saudi Arabia, Israel, Iran, and Turkey all have which type of economic system? Mixed Economy
How has not having natural resources impacted Israel's economy? Israel has to spend a lot money importing natural resources.
How is OPEC able to control the price of oil in the world? By controlling the supply
The higher the supply of oil.... the lower the price.
The lower the supply of oil... the higher the price.
The higher the literacy rate.... the higher the standard of living
sanctions when one country punishes another using trade barriers
Created by: dedington1
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