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Greenland Vs. Iran Economy Essay

803 words - 4 pages

Economic Systems: GREENLAND vs. IRAN
An economic system is a system of production, consumption, and distribution of goods and services. An economic system of a country is defined by its society, government, and who decides who gets what. A major factor in an economic system of a country is its type of government. Greenland, having a parliamentary democracy under a constitutional monarchy, highly depends on imports and human capital from the Kingdom of Denmark. In a theocratic system of government, such that of Iran, the government defers not to civil development of law, but to an interpretation of the will of God as set out in religious scripture and authorities. Other factors include: ...view middle of the document...

Literacy rate is 100% for all 57,000 people that live there, indicating good education. People of Greenland earn on average $37,400 per year, and about 9% of the people live in poverty. 29% of GDP is industry, and 67% is services. With 0% arable land, agriculture is at 4%. Primary agricultural goods produced are sheep, reindeer, fish, & crabs. Due to many successful gold & mineral mines and oil & gas extractions, Greenland’s economic growth is at a positive rate. One’s main reason not to live in Greenland is that the average temperature throughout the year is below the freezing point of water.


http://kushnirs.org/macroeconomics/gdp/gdp_greenland.html

Iran's economy is marked by statist policies and an inefficient state sector, which create major distortions throughout the system, and reliance on oil, which provides a large share of government revenues. Significant informal market activity flourishes and corruption is widespread. Iran also continues to suffer from double-digit unemployment and underemployment, convincing many to seek jobs overseas, resulting in a significant "brain drain" (the emigration of highly trained or intelligent people from a particular country). “The constitution allows the government to confiscate property acquired either illicitly or in a manner not in conformance with Islamic law. Few laws protect intellectual property rights. Labor market rigidity, exacerbated by state interference, continues to discourage dynamic job growth. Tight...

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