U.S.and Lybia Economy essays

U.S.and Lybia Economy essays 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 workers 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 other supplies for learning. Libya has spent around $2.3 billion while the U.S. has spent around $115.6 billion in education (terra.com). Since Libya could not spend a lot of money in education, they could not train the workers. This is also one major cause of poverty. People 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. The lower education level in Libya helps explain the poor health ...