Middle EastThe Middle East (term originally coined in English ) is a geopolitical region encompassing the Arabian Peninsula, the Levant, Turkey, Egypt, Iran, and Iraq. The term came into widespread usage as a replacement of the term Near East (as opposed to the Far East) beginning in the early 20th century. The term "Middle East" has led to some confusion over its changing definitions, and being seen as too Eurocentric.
EconomyAn economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors.
World economyThe world economy or global economy is the economy of all humans of the world, referring to the global economic system, which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, work in general, exchange of financial values and trade of goods and services. In some contexts, the two terms are distinct "international" or "global economy" being measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements.
History of the Middle EastThe Middle East, also known as the Near East, is home to one of the Cradles of Civilization and has seen many of the world's oldest cultures and civilizations. The region's history started from the earliest human settlements and continues through several major pre- and post-Islamic Empires to today's nation-states of the Middle East. The Sumerians became the first people to develop complex systems that were to be called "civilization" as far back as the 5th millennium BC.
Planned economyA planned economy is a type of economic system where the distribution of goods and services or the investment, production and the allocation of capital goods takes place according to economic plans that are either economy-wide or limited to a category of goods and services. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning. The level of centralization or decentralization in decision-making and participation depends on the specific type of planning mechanism employed.
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