Country Overview ~ United Arab Emirates
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The UAE is located in Western Asia, also it is in the southeast part of the Arabian Peninsula. The gulf of persia is right above the United Arab Emirates. It is as well bodered by Iran, South Arabia, and Oman. Although the importance of this country is very big, yet the size is so small of 82,820 kilometers. An estimated amount of 9 million people live in this country, 69.5% of them being men. The ratio of males to females is a dire difference as it is almost 2,200 men per 1,000 women. With a huge increase in population in recent years, with more consumers there is more demand for many goods and services. Most of the Emirates, the term used for those who live in the UAE, are muslim. Only 4% of the population are other religions.
The government overview of the UAE has various different people in power. Each of the seven emirates has a ruler who has more power than the governemnt of the country itself. In the government there is a president and a prime minister. Every five years a new president is elected by the supreme council, as of right now Khalifa bin Zayad Al Nahya is the president. The Prime Minister is the head of the government while the president is only head of state. UAE's government is made up of three forms which are federal, presidential, and an absolute monarchy. Although, the UAE is much like The United States because both have a similar structure of a government. Both countries have three branches, each with its own set of duties. Also, they both have a President as a ruler, the only difference is that the President in The US has the most power while in The UAE, the prime minister has a lot of the power. Lastly, both countries have a different governent overview. In the United States, it is a democracy and in the UAE there are three forms of government. In economics the government contributes to the concept of government intervention. This is part of the major concept of changes in supply. The prime minister of UAE, Mohammed bin Rashid Al Maktoum, has the ability to place an excise tax, subsidy, or a regulation. With this power, the ruler can control the price at which goods or services are supplied.
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The economic system of The United Arab Emirates is a mixed economy. Since the day the country was founded, the system has never changed. The UAE is a booming country because of their easy access to oil and its low barriers for trade across the world. An open market has no subsidies, regulations, or taxes because with them, there is a possibility it might interfere with the smooth functioning of their market. In other words it is an unrestricted market. This is exactly like what The United States has. The US has a mixed economy which means the government is allowed to interfere in firms to make it as successful as possible. This section relates to the economic concept of law of supply. One key factor of this concept is that firms enter a market when a good amount of profit is being earned. The United Arab Emirates is very successful because of its ability to trade oil across the world for a decent price. With their easy access to oil, firms will want to enter this market to make a lot of money.