ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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mixed
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market
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command
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traditional
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Detailed explanation-1: -Turkey consistently ranks among the world’s top ten nations for agricultural output. The service industry makes up about half of Turkey’s economy, just as it does in Israel. Saudi Arabia has an oil-based economy with strong government controls over major economic activities.
Detailed explanation-2: -Countries like England, France, and India follow the mixed economic system where both, the state and private players, have control over the resources of distribution.
Detailed explanation-3: -The Israeli economy may thus be characterized as a “mixed” economy, in which roughly three-fifths of the product originates in the private sector, one-fifth in the public sector, and the other fifth in the Histadrut sector.
Detailed explanation-4: -Saudi Arabia has adopted a free market economic model. The financial, industrial and trade sectors of the economy have made rapid progress, enabling the private sector to play an increasingly important role in the development and diversification of the economy, especially in the fields of construction and farming.