Economic Goals and Values

Republic of Korea, and Iran

Impacts of Economic Values on One Another

All economic values go hand in hand in one way or another. For example, innovators who are looking to create new goods and services or the public do best when they have economic freedom. This helps them carry pout there ideas since there is a lack of government interference. With these new goods and services being created, economic equity can be viewed, showing how these goods have lead to more wealth in some individuals than others. In our world based on consumerism, if one individual has a new product, it sparks interest in many other individuals, creating a domino effect that in turn keeps the economic equity fairly balanced. But with this domino effect, this leads to the possibility of a scarcity or even a shortage in goods or services. That is what economic security and predictability focuses on. So, businesses with economic freedom must be both innovative but also efficient.

Republic of Korea Vs. Iran

Human Development

These statistics indicate each country's overall human development. Iran(left) is ranked at 69, while Korea stands at 17. This variance in rank can be understood by looking individually at each country's economic values. For example, less than 40% of citizens (aged 15 and older) maintain a job, with Korea having about 20% more, putting them at 60%. Employment opportunity is an important factor in the economy since it starts the movement and making of money, along with the completion of jobs and other services. Considering Iran has such a large population(78.5 million) compared to Korea's(49.5 million) more jobs should be made available;e for the country to support its citizens. This may also explain each citizens security, with 4 homicides for every 100,000 citizens every year, in comparison to Korea which is less than 1 for every 100,000.

Economic Efficiency

Economic efficiency of these countries seem close to opposite with the gross national income of Korea at $33,000 with consumer price index just over 100. On the opposite end, Iran has a gross national income of 15,000 with a costumer price index at 214. If more stability in employment and income was kept, these numbers would see improvement in Iran.

Economic Freedom

Focusing on their exports and imports, Korea almost doubles that of Iran's standing at 102.8% for GDP. Overall trade helps the country become industrialized and sustain current technologies and services.

Economic Security and Predictability

This economic value is where these two countries are more comparable, but still differ noticeably. For example, Korea's person population stands at just under 100 people per 100,000, while Iran sits at almost 300. With the prison population tripled in Iran, it cannot be considered as secure as most citizens would probably prefer.

Economic Equity

Speaking of fair distribution of wealth, Korea inequality of income stands at 18.4% while Iran is at an almost staggering point of 46.6%. This also effects the equality of goods and services received by each family due to such a range in income. With better income equality, it will balance the distribution of goods and services throughout the country.

Economic Growth and Innovation

Improvement in Iran's employment wil be necessary for them to evolve as a country. With almost 40% of citizens older than 15 without a job, and with 34% of youth who are not being educated, their country will have a tougher time than Korea, who employs 60% of their citizens and has 91% of their youth being educated.