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Question
in the kingdom of saudi arabia the government controls every aspect of oil production which makes up the majority of the countrys economy. while other businesses are owned by individuals, the biggest segment of saudi arabias economy is oil production.
saudi arabias economy would best be described as
a entirely market.
b entirely command.
c a mixture between just market and traditional.
d a mixed economy with large amounts of command.
A market economy has private ownership of most industries, while a command economy is fully controlled by the government. Saudi Arabia's government controls the dominant oil sector, but other businesses are privately owned, so it combines command elements (for the key industry) and market elements, making it a mixed economy with strong command features. Options A and B are incorrect because the economy is not entirely one type. Option C is wrong as there is no mention of traditional economic elements.
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D. a Mixed economy with large amounts of Command