Economic System Table
What is the country that you are researching: Iceland
Write a brief summary of the economic system of the country: Identify and explain the type of economic system.: Iceland has a Scandinavian-type social-market economy that combines a capitalist structure and free market principles with an extensive welfare system.
Select three key economic indicators such as poverty rates, labor distribution, use of resources, etc. and analyze what this information says about the country, how does it compare to other countries, change over time, etc.: Poverty rates: About 9% of the population is below the poverty line (low income earners, that is less than ISK 170,000 (USD 1,270, EUR 1,125) per month in disposable income.) 13% of the population is considered at risk of falling below the poverty line. The percentage of people in poverty in the U.S is much higher--nearly doubled. This shows that Iceland's economy is doing something right because nearly 15% of the population of the United States is way too many people in poverty. Labor Distribution: 4.8% of the population works in agriculture. 22.2% work in industry. 73% work in services. Use of Resources: Iceland has 3 main natural resources: Fisheries, renewable energy, and water. A lot of Iceland's economic prosperity comes from the exporting of fish from the rich waters off the coast of Iceland. Geothermal energy and hydroelectric power are also huge parts of Iceland's economy. Not only are they environmentally friendly, they are basically self-sustaining because they use their own energy; they don't rely on other nations for oil or coal. "Icelandic water is pure, and plentiful. Visitors to the country have no need to purchase bottled water, as the tap water, which has not been treated with large amounts of chemicals like fluoride, is as fresh as anything available off the shelf."
Identify the GDP - per capita for the country. $43,600 (2014 est.)
Write a brief summary of the economic system of the country: Identify and explain the type of economic system.: Iceland has a Scandinavian-type social-market economy that combines a capitalist structure and free market principles with an extensive welfare system.
Select three key economic indicators such as poverty rates, labor distribution, use of resources, etc. and analyze what this information says about the country, how does it compare to other countries, change over time, etc.: Poverty rates: About 9% of the population is below the poverty line (low income earners, that is less than ISK 170,000 (USD 1,270, EUR 1,125) per month in disposable income.) 13% of the population is considered at risk of falling below the poverty line. The percentage of people in poverty in the U.S is much higher--nearly doubled. This shows that Iceland's economy is doing something right because nearly 15% of the population of the United States is way too many people in poverty. Labor Distribution: 4.8% of the population works in agriculture. 22.2% work in industry. 73% work in services. Use of Resources: Iceland has 3 main natural resources: Fisheries, renewable energy, and water. A lot of Iceland's economic prosperity comes from the exporting of fish from the rich waters off the coast of Iceland. Geothermal energy and hydroelectric power are also huge parts of Iceland's economy. Not only are they environmentally friendly, they are basically self-sustaining because they use their own energy; they don't rely on other nations for oil or coal. "Icelandic water is pure, and plentiful. Visitors to the country have no need to purchase bottled water, as the tap water, which has not been treated with large amounts of chemicals like fluoride, is as fresh as anything available off the shelf."
Identify the GDP - per capita for the country. $43,600 (2014 est.)
Economic System
What will be produced with your country's resources?
Iceland produces these products: potatoes, green vegetables; mutton, chicken, pork, beef, dairy products; & fish as well as aluminum smelting, ferrosilicon production; geothermal power, hydropower.
How will these goods be produced?
The potatoes and green vegetables are produced through agriculture. The livestock are farmed and then slaughtered for meat. Fish are caught off the coat of Iceland in the Arctic Ocean.
Who will use these goods?
People who live in Iceland will likely use many of these goods. However, many of them will be exported as well.
Will these goods be exported?
Fish and fish products, aluminum, and ferrosilicon are the main exports of Iceland.
Iceland produces these products: potatoes, green vegetables; mutton, chicken, pork, beef, dairy products; & fish as well as aluminum smelting, ferrosilicon production; geothermal power, hydropower.
How will these goods be produced?
The potatoes and green vegetables are produced through agriculture. The livestock are farmed and then slaughtered for meat. Fish are caught off the coat of Iceland in the Arctic Ocean.
Who will use these goods?
People who live in Iceland will likely use many of these goods. However, many of them will be exported as well.
Will these goods be exported?
Fish and fish products, aluminum, and ferrosilicon are the main exports of Iceland.
Your browser does not support viewing this document. Click here to download the document.
Status of Education
Education is a basic human right. In order to better the planet for future generations, it’s on us to do everything we can today to make sure strides are made to make that happen. The UN Secretary-General’s Global Initiative on Education outlines the general priorities of the program. There are three: put every child in school, improve the quality of learning, and foster global citizenship. More in depth are the 6 goals of the Education for All (EFA) and 8 goals of the Millennium Development Goals (Priorities). “The two sets of goals are an ambitious roadmap for the global community to follow. They offer a long-term vision of reduced poverty and hunger, better health and education, sustainable lifestyles, strong partnerships and shared commitments” (Education for All).
Iceland’s educational system is pretty different compared to the United States. The included chart shows what ages Icelandic children are in the different levels of the educational system.
Iceland’s educational system is pretty different compared to the United States. The included chart shows what ages Icelandic children are in the different levels of the educational system.
“Playschool” is comparable to what Americans call preschool and kindergarten. Children are in the primary and lower secondary portions of their schooling until age 16. From there they enter upper secondary where they can receive general education or vocational training. Through its education, Iceland is making significant strides in meeting goals of the UN’s Education for All program: provide free and compulsory primary education for all, promote learning and life skills for young people and adults, and achieve gender parity.
Iceland’s public education, from playschool through university, is tuition free. This makes education extremely accessible to Iceland’s public. In turn, having a high quality education available to all youth should result in high enrollment rates. In 2012, the primary school enrollment rate was 98% (Iceland). Iceland is ranked 1st in the world for having the smallest gender gap. “The Global Gender Gap Report ranks 142 countries based on 14 indicators of gender equality across four key areas:” economic participation and opportunity, educational attainment, political empowerment, and health and survival (Duberman, 2014). Iceland has achieved closing the gender gap to approximately 86%. Part of this is due to the education. Special care is taken from the early childhood years to teach children about equality, which is especially important. Unlike the United States, the way the Icelandic academic system is set up allows for students to prepare and take general or vocational schooling for 4 years before continuing on to university or working. While it’s excellent that the nation provides this for its students, getting students there has proven difficult. The dropout rate is surprisingly high for a country that takes such care in their children and their education. This map shows that the dropout rate for Iceland is 20.4%. The government realizes the importance of keeping children and adults in school; they know the importance of education not only to the progression of Iceland and its society, but to the world as well.
Iceland’s public education, from playschool through university, is tuition free. This makes education extremely accessible to Iceland’s public. In turn, having a high quality education available to all youth should result in high enrollment rates. In 2012, the primary school enrollment rate was 98% (Iceland). Iceland is ranked 1st in the world for having the smallest gender gap. “The Global Gender Gap Report ranks 142 countries based on 14 indicators of gender equality across four key areas:” economic participation and opportunity, educational attainment, political empowerment, and health and survival (Duberman, 2014). Iceland has achieved closing the gender gap to approximately 86%. Part of this is due to the education. Special care is taken from the early childhood years to teach children about equality, which is especially important. Unlike the United States, the way the Icelandic academic system is set up allows for students to prepare and take general or vocational schooling for 4 years before continuing on to university or working. While it’s excellent that the nation provides this for its students, getting students there has proven difficult. The dropout rate is surprisingly high for a country that takes such care in their children and their education. This map shows that the dropout rate for Iceland is 20.4%. The government realizes the importance of keeping children and adults in school; they know the importance of education not only to the progression of Iceland and its society, but to the world as well.
Resources:
Duberman, A. (n.d.). 19 Countries Where The Gender Gap Is Smaller Than In The U.S. Retrieved from http://www.huffingtonpost.com/2014/10/29/global-gender-gap-report-2014_n_6060978.html
Education for All (EFA). (n.d.). Retrieved from http://www.un.org/en/globalissues/briefingpapers/efa/
Iceland. (n.d.). Retrieved from http://data.worldbank.org/country/iceland
Priorities. (n.d.). Retrieved from http://www.globaleducationfirst.org/priorities.html
Duberman, A. (n.d.). 19 Countries Where The Gender Gap Is Smaller Than In The U.S. Retrieved from http://www.huffingtonpost.com/2014/10/29/global-gender-gap-report-2014_n_6060978.html
Education for All (EFA). (n.d.). Retrieved from http://www.un.org/en/globalissues/briefingpapers/efa/
Iceland. (n.d.). Retrieved from http://data.worldbank.org/country/iceland
Priorities. (n.d.). Retrieved from http://www.globaleducationfirst.org/priorities.html