A Hidden Gem


Real GDP per capita – $3,491.90

Adult Literacy Rate – 93.9%

Life Expectancy – 72.45 years

Infant Mortality Rate – 24.29 deaths per 1,000 live births

Physicians – 0.2 per 1,000 people

Income share held by highest 10% of the population – 28.2%

Income share held by lowest 10% of the population – 3.4%

Mobile phones per capita – 126 per 100 people

Internet Users (per 100 people) – 17.1 per 100 people

Televisions per capita – 63.03 per 1000 people

Current Unemployment Rate – 5.9%

Current Inflation Rate – 6.4%

Steps To A Bigger And Better Future

Opportunity Cost – the real cost of an item; what you must give up in order to get it

In order to keep up with other developed nations, we are going to invest more heavily on not only the infrastructure of our nation but to invest in our people as well. We will provide better education for all. What we give up in money and time, we will regain a few years later when we have a better educated workforce.

Scarcity – in short supply; when a resource is not available in sufficient quantities to satisfy all the various ways a society wants to use it

There is currently a scarcity in safe drinking water in our nation as well as a decline in the general fish population, weakening our fishing industry. However, we plan to adopt new fishing practices that invest more heavily in the technologies in the modern societies, so that we catch only adult fish of a certain size so that smaller fish can continue to grow into adulthood, leading to stabilization within the fishing populations within the decade.

Supply/Demand –

Resource Costs – cost of economic elements or inputs used to perform activities (salaries, materials, technology, etc.)

Unanticipated Inflation – Unexpected rise in price level of goods

Interest Rates – the price, calculated as a percentage of the amount borrowed, charged by lenders to borrowers for the use of their saving for one year

Disposable Income – income plus government transfers minus taxes; the total amount of household income available to spend on consumption and to save

We are focusing on decreasing our current unemployment rate of 5.9% towards the lower end of the 5% range. By doing so, we will increase the amount of capital generated through the productivity of more workers, and in conjunction with increased education opportunities and continuous investment in technology increases, we will be able to increase the productivity and output of our entire economy. By doing so workers receive more compensation, which will lead to more disposable income to not only invest back into the economy but to save to later be used to further investments by businesses and the government.

Taxes –

Loanable Funds –

Foreign Exchange Market/Exchange Rates – the market in which currencies are traded/the prices at which currencies trade

Phillips Curve –

Business Cycle – the alternation between economic downturns (recessions) and economic upturns (expansions)

Financial Capital Flows –

International Trade –

Balance of Payments – summary of a country’s transactions with older countries

Central Banks (Monetary Policy) – an institution that oversees and regulates the banking system and controls the monetary base (the sum of currency in circulation and bank reserves)/the central bank’s use of changes in the quantity of money or the interest rate to stabilize the economy

Exports/Imports –

Major exports include: petroleum gas, tin (one of the world's largest tin markets), and coal briquettes. We will continue to capitalize on our dominance with these exports by looking into new deposits of coal and petroleum, so that we can continue to sustain the demand of these resources by the rest of the world.

Fiscal Policy – the use of government purchases of goods and services, government transfers, or tax policy to stabilize the economy

Bonds/Financial Paper – a loan in the form of an IOU that pays interest