What is the country that you are researching: Greece Type your answer below.
answer below. Please use full sentences
Write a brief summary of the economic system of the
country: Identify and explain the type of economic system.
Select three key economic indicators such as poverty rates,
labor distribution, use of resources, etc. and analyze what this
information says about the country, how does it compare to
other countries, change over time, etc.
Identify the GDP - per capita for the country.
Greece’s economic system consists of a market economy since
the laws of supply and demand affect the production of goods and
services. The capitalist economy is based on service sector (80%),
industry (16%), and agricultural sector (4%). Tourism and
merchant shipping are the most important economic industries in
Greece. About 15 million tourists visit Greece which makes it one
of the most visited countries. Merchant shipping include food and
tobacco products.
1. The unemployment rate is 21.2%. This is significantly
higher than many other countries, including the U.S.,
which only has a 4% unemployment rate. This can be the
result of the significant debt Greece is in.
2. Minimum wage is 683.76 euros per month, which is about
$804.18 USD. The United States is about $1,200-1,300 a
month. It is obviously cheaper to live in Greece than in
the United States, but this could also be the result of the
financial crisis Greece suffers from.
3. The government debt is 179.0%. This is incredibly high
and is the result of Greece joining the European Union. In
this transition, many euros were lost.
As of 2016, the GDP per capita in Greece was 18,103.97 USD.