NORWAY VS. ETHIOPIA
Nina Gunderson Hour 1
Economic Goals and Values
How achievements of one economic goal impacts/interferes another:
Economic Freedom connects with Economic Equity. If citizens are able to choose which opportunities to participate in, they can use their own creativity to start a business by selecting where their inspiration will come from. People can choose which products they see as most beneficial and that will eventually help the business leaders think of new ideas to keep those buyers interested. If there is a fair distribution of wealth and minimal government intervention, the innovative people have an easier time running a business and having faith that it will grow. This also connects to Economic Growth and Innovation. If people have the freedom to come up with their own ideas to better the economy, there’s a higher chance of it succeeding and helping the future of that area. Economic Freedom may interfere with Economic Efficiency because if people have the freedom to take business risks, it could hinder the reliability on a certain product to not get wasted. This would then affect Economic Security and Predictability because risky decisions could lead to disaster within a company which would affect many individuals invested in that specific product.
Ethiopia has significantly lower values than Norway. The average lifespan is 64 years which shows the lack of healthcare the country has. Without as much outside world access and money, decent healthcare is more difficult to get for most of the population. Also, with an average income of $1,430, the opportunities for the citizens to grow and make an impact are limited. Thus, affecting the country's economic equity values in a negative way.
Similar Economic Values
Both countries have a low percentage of depleted products at 14 and 9 percent. The countries have good economic efficiency and take precautions in order to savor their goods to distribute among their people. Both countries have a decently high export/import rate of 41 and 67 percent. This allows both countries to have access to the world's resources and have economic freedom to choose which products are most desirable. The freedom allows for innovations and new discoveries to be made more quickly.
Highly Developed #1
The average lifespan in Norway is 82 years old. The higher life expectancy derives from the ability of the country to afford better medical practices and the accessibility of healthcare to its citizens. The average GNI sits at $63,900 because of the country's important focus on economic equity, for the most part, the population is very stable with a steady income.