Economic Conditions

891 Words2 Pages

Economic Conditions

There are many different countries throughout the world, with each country possessing its own approach to economics. Countries can be broken down into three categories of development, the three being industrialized, developing, and less-developed. The three countries that I have chosen to show these comparisons are Italy, Thailand, and Somalia. Italy is the industrialized nation, Thailand is developing, and Somalia is less-developed.

The economic system of a country is the basis for all economic decisions. The Italian economic system is a mixed economy. Italy has an industrialized infrastructure with the eighth largest economy in the world. Italy has not always been strong in terms of economics though, it transformed from a predominantly agricultural economy into being one of the worlds leading countries in trade and exports, and now part of the European Union. Italy can be divided into two parts, the north, which is highly industrialized, and the south, which is less developed and dependent on welfare. Italy as a whole is maintained by their success in producing high quality consumer goods produced by small and medium sized enterprises. Thailand in comparison to Italy has a bit of catching up to do. Thailand is a growing nation with an emphasis on the free-enterprise system of economy. Thailand is mostly an agricultural society which produces much of the world’s rice. Thailand is extremely export dependent; they rely on their advancements in technology for electronics for most of their GDP. Somalia has the weakest economy out of all three of these countries. This is not to say that Somalia has a weak economy though. Somalia, despite their overwhelming political problems has a well developed traditional ec...

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...anufacturing cars the industrial society would be the smartest place to do business. On the other hand, if that company were trying to sell robots for manufacturing crops then the agricultural society would be the better choice. The nation’s economy and what they are able to purchase is also a factor. This means that just because Somalia is generally an agricultural society it doesn’t mean they can purchase farming equipment. This ties in to the overall wealth of a country, a business must sell goods that the economy can support.

Works Cited

Central Intelligence Agency. CIA World Factbook. 26 September 2011. 28 September 2011. .

Yahye, Mahamud M. How to tackle unemployement in Somalia. June 2007. 29 September 2011. .

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Economic Conditions

The Minimum Wage Must Be Raised

Economic Lens

Why Are Some Countries Richer Than Others?