U.S.and Lybia Economy

A detailed Summary of U.S.and Lybia Economy

The economic stability between the United States and Libya is exceedingly distinct. The U.S. has a better stability not only because the country is more develop but also because the education, health, info structure, and labor are higher than what Libya has. In addition, the standard of living and the factors of production in Libya are very deprived.

The U.S. has better literacy than Libya. More people in the U.S. know how to read and write. The U.S. expects 97% of the population and everyone over 15 to read and write while Libya has 76.2% of the population and everyone 15 and over to read and write (photius.com). The U.S. is richer than Libya because it has a greater literacy rate. Having a greater literacy rate is important to the economy. This is important because if people cannot read and write the country could not have been well developed. They also would not have the worker's ready for the new and advance industries. Many people have to stay home or in their farms helping their families since this is a problem because the

children stay home, and they are not learning how to read or write. Having a greater literacy rate also means that

the country has money to spend building schools and buying textbooks and ot

subsidize from the government but they get money for the economy by taxing people. Industry is also very important because with industry there is competition. Competitor is helps the economy because it makes consumers want to buy more and consumers tend to buy more when there is competition since they have more choices. Having a higher agriculture rate is bad. Agriculture does not really help

beverages (photius.com). The U.S. imports commodities that are not expensive unlike Libya. Libya imports commodities that are very necessary therefore, they are very expensive,

has industries only contains petroleum, food processing textiles, and cement (photius.com). Libya has very low technology therefore is unavailable. As we know having, advance technology is better than having cement textiles. Technology is one of the factors of production. In addition, with the diversified technology the U.S. can

food, manufactured goods while the U.S. has to import crude oil, petroleum, automobiles, raw materials, food and

not have such an advantage it economy will always be lower than the on of the U.S.

with education not only have the opportunity to maintaining job but with education, it is more likely to be hire in other jobs. For example, a person who talks Spanish yet it was train for an English teacher could be a Spanish and an English teacher since both field related and they have the training. Since the U.S. has a better literacy rate than Libya, it is wealthier.

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Approximate Word count = 1716
Approximate Pages = 7 (250 words per page double spaced)

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