Lynnea’s economic structure is based on the principles of an open economy, which means that the country interacts with other countries’ economies through international trade. This benefits the consumers since having to choose from domestic products can be very limited, because other nations might make better and cheaper products. Though this will also create more rivalry amongst the producers, this can result in lower and improved services, which in turn benefit the consumers. Several profits of the country are made through international trade, and this includes both exports and imports.
Lynnea is not a complete command economy nor free market economy, but it’s based on a mixed economic system, which results in many private businesses and industries. Private companies are better than government controlled markets, since private businesses have a tendency of being more efficient because they are more encouraged to cut costs and be more advanced all while making profits. Though companies have to be restricted once they get to a point where exceptionally high prices are involved. This is to avoid monopoly power. This concludes, that majority of the companies can be left on their own, but Lynnea’s government will make sure that they don’t misuse their power or create too much pollution.
Since Lynnea is part of the European Union, the country uses Euro as their currency. There are quite a few economic benefits that come with being part of the EU, as it is one of the strongest economic areas in the world. It’s responsible for 23% of the nominal global GDP while being 7.3% of the world’s total population. Lynnea’s economy is quite stable since the employment and inflation rates are rather low. Being part of the EU is good for the country because of its free trade benefits since Lynnea relies a lot on trade to make money. This includes both importing and exporting good
Lynnea is not a complete command economy nor free market economy, but it’s based on a mixed economic system, which results in many private businesses and industries. Private companies are better than government controlled markets, since private businesses have a tendency of being more efficient because they are more encouraged to cut costs and be more advanced all while making profits. Though companies have to be restricted once they get to a point where exceptionally high prices are involved. This is to avoid monopoly power. This concludes, that majority of the companies can be left on their own, but Lynnea’s government will make sure that they don’t misuse their power or create too much pollution.
Since Lynnea is part of the European Union, the country uses Euro as their currency. There are quite a few economic benefits that come with being part of the EU, as it is one of the strongest economic areas in the world. It’s responsible for 23% of the nominal global GDP while being 7.3% of the world’s total population. Lynnea’s economy is quite stable since the employment and inflation rates are rather low. Being part of the EU is good for the country because of its free trade benefits since Lynnea relies a lot on trade to make money. This includes both importing and exporting good
Top 5 Importing Goods
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Top 5 Exporting Goods
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