Economic Goals and Values

Berlynn Nelson

How does the achievement of one of the economic goals impact/interfere with the success of other economic goals?

The achievement of one economic goal leads to the success in others because it starts a process. If there is economic freedom, it will lead to people creating their own businesses and ideas, which will lead to the selling or distribution of products or whatever is to be sold. If an economy can make the most of resources without wasting any, it generates a great profit and because there was no waste, there wasn't any money lost. Now if something bad were to happen, like an economic disaster, the resources that were used without being wasted would impact the economies security. There wouldn't be resources available or left over, so that protection wouldn't be there for that individual or business.

Australia vs Pakistan

Tax

Economic Goals valued within Pakistan

Education

In Australia, the expected years of schooling is 20.2. In Pakistan, it is less than half that at 7.8 hours. These numbers show that Australia's population is more educated, making the human capital factor in their economy stronger than Pakistan's. With a great human capital factor comes a great labor factor, which is a immense distribution towards a good economy.

Resources

When it comes to resources each country has a fair amount. Australia however, is the worlds leading producer in rutile, zircon, bauxite, iron ore, and ilmenite. Australia is the second leading world producer when it comes to alumina, gold, lithium, manganese ore, lead, and zinc. Leading the world with these natural resources, drives the Australian economy above and beyond that of Pakistan's. Even though Pakistan has a lot to offer when it comes to natural resources, it isn't enough to give them complete economic stability.

Australia

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Pakistan

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