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Uploaded: 2022-06-22
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Description: INTRODUCTION TO GENERAL ECONOMICS. GROUP MEMBERS.

INTRODUCTION TO GENERAL ECONOMICS. GROUP MEMBERS. 

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Simren Davi - 00062905 Christian McGregor  - 00068914 Daniel Dhanpat -00066766 Kyielle-Marie George - 00070067 Nikolai Rampersad - 00072817

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INTRODUCTION. Estonia. C:\Users\simre\Documents\Mass Comm\ECON\Tallinn-skyline--Estonia-Top-Travel-Tips--On-The-Go-Tours-328671481903216_crop_610_410.jpgTallinn-skyline--Estonia-Top-Travel-Tips--On-The-Go-Tours-328671481903216_crop_610_410. 

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Formerly part of the Soviet Union (USSR) as a puppet state, they regained independence in August of 1991.

Estonia is a highly developed country with a high-income advanced economy.  t hey are a nation with a gross national income per capita of US$12,696 or more.

Estonia has an estimated population of 1.3 million people

Estonia gets most of its income from oil shale energy,telecommunications, textiles, chemical products, banking, services, food and fishing, timber, shipbuilding, electronics, and transportation.

Estonia is home to a considerable number of foreign-born people and their children. Estonians make up only approximately two-thirds of the population.

T he country’s most important mineral is oil shale, of which Estonia is a significa Electric power generation has great significance both for the economy of Estonia and for the surrounding region.

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Laissez-faire capitalism is a type of free-market capitalism where the government’s economic policy is the least amount of intervention possible so that the market’s processes are wholly natural.. 

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Laissez-faire capitalism is a type of free-market capitalism where the   government’s economic policy is the least amount of intervention possible so that the market’s processes are wholly natural.

Benefits - Autonomy and freedom, Innovation Downfalls - Monopolies, and Income Inequality

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TWO TYPES OF MARKET STRUCTURE. C:\Users\simre\Documents\Mass Comm\ECON\1440x810_cmsv2_2934ac80-4555-5ac5-a246-87cdc3668b25-4753288.jpg1440x810_cmsv2_2934ac80-4555-5ac5-a246-87cdc3668b25-4753288. 

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Perfect  S tructure : -  Oil Industry   -  Gas Industry

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The Main F irm T ypes. 1. 2. 4. 3. Limited Partnership BAUHAUS EESTI and EFTEN REAL ESTATE FUND 4.. 

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Limited Partnership  BAUHAUS EESTI and EFTEN REAL ESTATE FUND 4.

Public  L imited  C ompany Ericsson Eesti AS and the Tallink Group AS.

Private  L imited  C ompany MAXIMA EESTI OU. and ORLEN EESTI OU.

Commercial  A ssociations The Estonian Chamber of Commerce and Industry, and the American Chamber of Commerce in Estonia.

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Three functions the government of Estonia has on the economy.. 

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Three functions the government of Estonia has on the economy.

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HEALTH CARE Free health care for  those under the age of 19, pregnant women, parents with children under the age of three, and unemployed persons.

EDUCATION Education system in Estonia is digitised including educational materials. Teachers have been trained in digitised education and internet safety. This helped the education system to be more efficient and helps the education sector to move forward faster.

ECONOMIC FREEDOM Government took Estonia to Economic Freedom. Estonia is placed 4th in the Europe region out of 45 countries, and its overall score is higher than the regional and global norms. Estonia has an economic freedom score of 80 in the 2022 index.

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Gross National Income for Estonia 31B 24B 2015 2016 2017 Source: World Bank 2018 2019. 

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Gross National Income for Estonia
31B
24B
2015
2016
2017
Source: World Bank
2018
2019

INFLATION IN ESTONIA BETWEEN 2014 - 2019. inflation estonia. 

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Unemployment Rate: Aged 15-64: All Persons for Estonia 9 8 7 6 5 4 2015 2016 2017 2018 2019 Source: Organization for Economic Co-operation and Development. 

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Unemployment Rate: Aged 15-64: All Persons for Estonia
9
8
7
6
5
4
2015
2016
2017
2018
2019
Source: Organization for Economic Co-operation and Development

UNEMPLOYMENT IN ESTONIA BETWEEN 2014-2019

RELATION. 1. 2. 4. 3. The Gross national income, unemployment and inflation are all variables that can show us the way in which an economy is performing.. 

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The Gross national income, unemployment and inflation are all variables that can show us the way in which an economy is performing.

When the unemployment rate in a country is high, this can mean essentially that the number of persons looking for a job would exceed the number of jobs available.

Okun’s law intends to tell us how much GNI is lost when unemployment is above its standard rate.

when there is a low unemployment rate in a country, the demand for labour and workers by businesses and firms are increasingly more so than the supply.

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Estonia’s data for the past 5 years from 2015 to 2019 of imports and exports.. 

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Estonia’s data for the past 5 years from 2015 to 2019 of imports and exports.

Trade Balance for the 5 years of data collected. Over the years 2015 to 2019 the Total Exports calculated to $USD77.7 billion. 

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Trade Balance for the 5 years of data collected

Over the years 2015 to 2019 the Total Exports calculated to $USD77.7 billion

Total Imports calculated to approximately $USD87 billion.

The trade balance or the balance of trade can be defined as the value of a country’s imports minus the value of that country’s exports.

Estonia has a trade deficit by $USD9.3 billion since imports are approximately $USD9.3 billion more than the country’s exports. (87bil - 77.7bil)

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Four trade restrictions that exists in Estonia.. 1. 

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Four trade restrictions that exists in Estonia.

• Import tariffs and its use within Estonia, as well as the European Union customs tariff schedule

• Subsidies within Estonia, alongside the consideration to support low income families.

• General rate of manufactured goods, compared to rate for particular goods such as clothes and textiles.

• Import duties in accordance with the commodity code from the Estonia Tariff System.

Embargos within Estonia and other European Union countries, put in place to stop all oil trades with Russia in hopes to cripple President Vladimir Putin.

png transparent free trade day trading atlantic slave trade others miscellaneous text trademark thumbnail

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Type of exchange rate that exists in this economy.. 

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Type of exchange rate that exists in this economy.

Estonia ’s  history of switching currencies from kroon to euro and following the EU ’ s free-floating exchange rate.   The European Exchange Rate Mechanism II and its general fluctuating percentage.

Impact on imports in regards to certain rules, one of them being the Import Inflation Protection policy.

Benefits of the EU’s exchange rate on traveling and trading.

Impact on exports, as well as how it varies depending on the economy of the country.

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Globalization. Access to this technology was possible do to Estonia's globalization policies that enable their technology to be accessed and used in countries across the globe.. 

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Access to this technology was possible do to Estonia's globalization policies that enable their technology to be accessed and used in countries across the globe.

Globalization can also bring about the issue of marketing their exports to the foreign market.

Despite the many similarities in these two countries and languages, Finnish companies that have been operating in Estonia have faced major communication challenges with their Estonian business partners.

Globalization allows for the spread of technology and innovation. As Estonia is one of the most technologically advanced countries in the world,  its market is widely sought after by investors and various other countries.

T he Government of Estonia does employ a non-interventionist policy towards things like entrepreneurship,  making both domestic and foreign investors accessible to equal opportunities.

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THANK YOU. GROUP MEMBERS. Simren Davi - 00062905 Christian McGregor - 00068914 Daniel Dhanpat -00066766 Kyielle-Marie George - 00070067 Nikolai Rampersad - 00072817. 

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