The Nordic Model refers to a socio-economic system found in the Nordic countries, including Sweden, Denmark, Norway, Finland, and Iceland. It combines a comprehensive welfare state with a high level of economic freedom. This model emphasizes social equality, universal healthcare, and free education, funded by high taxes. In the Nordic Model, labor markets are characterized by strong unions and collective bargaining, which help ensure fair wages and working conditions. The approach aims to balance economic competitiveness with social welfare, promoting both individual prosperity and collective well-being.