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3 years ago

What’s the economic system for Israel,Saudi Arabia, and Turkey?How does their economy systems influence trade?

Social Studies

1 answer:

omeli [17]3 years ago

7 0

Society is the one who creates the economic system and global trade increases the society's affluence

Israel has a free market economy advanced by global standards. Their first profits are earned thanks to tourism and service exports, as well as foreign investment inflows. Their finances are graded mostly by their leading exports: cut diamonds, high-technology equipment and pharmaceuticals.
Saudi Arabia, the country in Western Asia, is fueled by enormous revenues from oil exports. It is the second largest exporter of petroleum of the world. Also, some of natural gas is exported worldwide.
In addition, Turkey (which also is in Western Asia) and is one of the leading producers of agricultural products, transportation equipment, construction materials, textiles and electronics It is considered one of the most industrialized countries, according to economists.

Nowadays, any trade increases capital and these countries makes the gross domestic product (GDP) increase, because the countries to which they export to first mostly world countries, that means that they have big influence on trading grades.

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