Currency
The images above are just some examples of the local currency in Iceland.
This currency is commonly known as Icelandic Krona and 1 Icelandic Krona equals roughly 0.0076 U.S dollars.
This currency is commonly known as Icelandic Krona and 1 Icelandic Krona equals roughly 0.0076 U.S dollars.
Economic System
In Iceland the Economic system follows a capitalist economy policy, and has a very generous welfare system that ensures a proper and fair income distribution among its citizens.
The economy depends primarily on the fishing industry with about 70% of export earnings are gained from fish and fish related products. In fact, around 6% of Iceland's population relies on fishing and other marine related occupations as their livelihood.
Most other citizens (about 71%0 rely on services as a living, however industry (23%) and agriculture (about 5.1%) are other notable occupation groups.
The economy depends primarily on the fishing industry with about 70% of export earnings are gained from fish and fish related products. In fact, around 6% of Iceland's population relies on fishing and other marine related occupations as their livelihood.
Most other citizens (about 71%0 rely on services as a living, however industry (23%) and agriculture (about 5.1%) are other notable occupation groups.
Political System
Iceland has a parliamentary form of government. The President and the leaders of the parties discuss which government is possible. The result is given to the parties for approval. The head of the Government is the Prime Minister. The cabinet stays in power until the next general election or a new government is formed. The ministers sit in the Parliament and every minister has a responsibility for his area.