It affects the economy by changes locations of many buildings anbusinesses.
Israel is the Eastern Mediterranean country that has the most diversified economy. Israel has a market economy, and in 2014, its GDP was $286.840 billion.
Canada's economy based on the industries associated whit these resources
A. Free market
Panama- plays a crucial role in world trade and has become a regional financial center; Uruguay- about 90% of the population is of white European ancestry; Venezuela- economy dominated by petroleum, has the largest oil reserves in the Western Hemisphere; Brazil- largest most populated country in South America, natives speak Portuguese
Saudi Arabia does not "need" to diversify its economy (since it has about 100 years of petroleum reserves), but it is better to have a diverse economy in order to better respond to international pressures and protect against losses in value that could come from changes in petroleum price.
Reserves = 10 million barrels. See attached link. Production is insufficient to meet demand, so I would not characterize them as significant to the economy of Greece. Now if I owned them, it would be a different story!
What was one reason the United states dominated the world economy
Egypt is richer than Yemen due to a more modern economy (with various manufacturing plants), large petroleum reserves, and a relatively fruitful agricultural sector.
Robert Bamberger has written: 'Energy emergency preparedness policy' -- subject(s): Energy conservation, Energy policy, Government policy, Petroleum industry and trade, Petroleum reserves 'The state of recorded sound preservation in the United States' -- subject(s): Copyright and digital preservation, Fair use (Copyright), Conservation and restoration, Digitization, Digital preservation, Sound archives, Copyright, Soung recordings, Sound recordings, Sound recording libraries 'World oil and the ANWR potential' -- subject(s): Economic aspects of Petroleum industry and trade, Energy consumption, Energy policy, Oil and gas leases, Petroleum industry and trade, Petroleum products, Petroleum reserves, Prices 'Energy and the 98th Congress' -- subject(s): Energy policy, United States, United States. Congress 1983-1984) 'Oil supply disruptions and the U.S. economy' -- subject(s): Econometric models, Economic conditions, Petroleum industry and trade, Petroleum products, Petroleum reserves, Prices 'The naval petroleum reserves' -- subject(s): Fuel, Petroleum reserves, United States, United States. Navy 'Gasoline rationing' -- subject(s): Gasoline supply, Rationing 'Petroleum industry ills' -- subject(s): Energy policy, Petroleum industry and trade, Petroleum law and legislation, Petroleum products, Prices
The oil in Saudi Arabia will not be exhausted by 2040. Estimates give it far longer than that; it is the Gulf Countries that are more limited in their reserves. As for the meat of the question, e.g. what will happen to the Saudi economy when the reserves are, it will depend on how the income has been invested. Saudi Arabia has historically been slower to diversify its portfolio and, if current investment trends continue, Saudi Arabia will have a sharp decline following the exhaustion of its reserves.
The economy in Iraq before the fall of Saddam and after has been the sale of its crude oil from proven oil reserves. These reserves are quite large and keep its economy going.
The southern agrarian economy was dominated by wealthy landowners. An agrarian economy primarily relies on farming. The majority of these economies went away during the industrial revolution.