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Name ____________________________ ECONOMIES OF ISRAEL, SAUDI ARABIA, & TURKEY STEP 1 DIRECTIONS: Read how each country answers the 3 basic economic questions – what, how, and for whom to produce. Underline characteristics of command economies in one color and market economies in another color. Use your coloring to decide where each country belongs on the economic continuum (see next page). What to produce? How to produce? For whom to produce? A large amount of Israel’s GDP comes from cut diamonds, high-tech equipment, financial services (ex. banking), and agriculture (farming). While many of the businesses in Israel are owned by the government, but private companies are taking control. The private sector (nongovernment owned companies) produces goods and services for Israeli and international markets based on the market price system. SAUDI ARABIA Saudi Arabia is the world’s leading producer of oil. The Saudi government continues to invest in industrial production (ex. mining and oil production). They are a leader in petroleum chemicals, mining, and refining. Over 95% of Saudi Arabia’s oil industry in the country is operated by the government. Most other major industries (businesses) have significant government involvement. Saudi Arabia relies heavily on labor (workers) 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 projects 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.) TURKEY Turkey has a wide-ranging economy with a large service sector (ex. construction), manufacturing sector (ex. clothing, steel, electronics, paper), and agricultural sector (ex. tobacco, cotton, olives). Since the late 1980s, Turkey has gradually moved from a government managed economy to more private (non-government owned) businesses. One fifth of Turkey’s production is exported. The rest is consumed by Turkish consumers and the government. ISRAEL