The Scandinavian economy refers to the economic systems of the countries in the Scandinavia region, primarily Sweden, Norway, and Denmark. These economies are characterized by a combination of free market capitalism and strong welfare states, which provide extensive social services such as healthcare and education. This model aims to balance economic growth with social equity. Scandinavian countries typically enjoy high standards of living, low unemployment rates, and robust public sectors. They emphasize innovation and sustainability, often leading in green technology and renewable energy. The region's economic success is supported by a well-educated workforce and strong labor unions.