Victoria 3 compels its players to implement all the economics knowledge they have, into the game. You would be dealing with so many things to stabilize the economy of your country. Here are some economy tips which you want to know to build a happy and prosperous nation in Victoria 3.
How to master the economy of Victoria 3
Economy is the very reason behind every nation’s well-being. Having a sound knowledge about how things work, how to meet the demands of people, and how to set pricing and taxation, is really important to excel in Victoria 3.
However, it’s not that easy. Dealing with the masses requires practice. But don’t worry, with the economy tips for Victoria 3 mentioned below, you will find running the country easier.
Identify the main drivers of economy
The first main driver of the Victoria 3 economy is Consumption. You will find four primary consumers in Victoria 3, the first of which is the Government.
The Government consumes goods to provide services to its people. Next, we have a Military that consumes goods to offer protection to its people.
Third, we have an industry that again consumes goods to provide more advanced goods to its people. The last and the biggest consumer of the goods are your pops.
You will need to invest a lot in them as if they grow, everything, including the economy, will grow with them. They will need good things which you can produce in the factories.
If you don’t pay attention, suppliers from outside will enter the industry and start taking away a bigger part of your economy.
Kick start your industries
To start and grow a new industry, the one thing that you will need is high profit. To get a high yield early on, you can set high prices.
We can take an example of the construction industry here. Timber has a high price because of its massive use in the construction industry.
The Government spends the money here, and it will make your labor more valuable. Even if the prices go down, you can still stay profitable by expanding the industry.
The wealth of pops will increase, which they will spend on other pops, and your GDP will eventually grow quickly. If you hire domestic workers, the money will stay in and help your economy to kick start quickly.
Export the goods you have in abundance
Look around and find potential markets for the goods you have in Abundance. This can be any good like tea or tobacco etc.
By becoming its supplier, you will bring more money, which will help you improve the facilities for the pops. You can create new job opportunities for them by setting up different industries. This way, their living standard will increase, and they can set up more advanced sectors to make more money
Don’t bother with the cash values
When playing Victoria 3, there are some numbers being shown on the top left corner of the screen. The last figures shows how much money you have in your hands.
If that quantity is green, it means you have reserved money. You have money in your coffers. But if that quantity is red, it means you’re in debt.
What you have to do is never mind that quantity if it is red. Having green figures is not bad. Although they are good. But if that quantity is red, some anxious people start worrying and start taking the wrong steps to make it green.
If it’s red, it means you have more money circulating in the market. You have invested your money in the market and it is actually levitating your economy.
You are building more opportunities, you are building more goods which in turn raises the amount of tax you collect. So, it means you are in no way in loss.
If that quantity is green, it means you just have your money stocked. It is not earning you something, it is just lying useless and nothing more.
Balance buys orders and sell orders
This tip is going to require all of your economics knowledge as we are going to talk about demand and supply wholly. Buy orders and sell orders necessarily means the demand and supply.
If you open the market’s menu, you are going to see buy orders and sell orders columns below. Buy orders mean demand and sell orders mean supply.
It’s simple, the more production of a certain good you have, the lesser price of it will be. If the production is less, the price will be higher and the supply will be lesser.
So, you have to balance things in a beneficial way. For instance, if you expand your industries and start producing more, the price will drop. The industries will not be able to bear their own expenses. Hence the tax will reduce.
If you raise the prices, pops won’t be able to afford them and this will raise radicalism and will cause rebellion.
There are types of goods. Some are called necessities (wood, cloth, sugar etc.), some are called luxury, some are industrial goods and some are armed goods.
So, the tip here is to minimize the prices of necessities. More people will be able to afford them and their lifestyles will improve. They will have more money to spend on other things like furniture and art.
Keep luxury items expensive. Wealthier groups of people will buy them and will improve the overall economy.
Start free trading
The tip here is to start free trading. Well, there might be some objections here but let us justify why we are enforcing free trading.
You cannot possibly be producing all the goods that you need unless you own the whole world. There would be certain items that you are producing in a larger scale and are good at producing them.
So, what you need to do is to trade them against other things that other countries are good at producing and you need them. This will ultimately increase the volume of trade and will increase the competitiveness in the market.
In this way, you will be expanding your industries. You will be basically industrializing around and you will create more jobs which in turn will get you more taxes. And the economy will grow.
Remove the migration controls
Removing migration controls increases the number of people migrating to your country. If you are already doing good in terms of people living standard, you might want to remove the migration control to increase your population.
There are certain benefits of having more people living in your country. The more pops you have, you will have to produce more resources and eventually you will have more people to tax.
Consider upgrading the infrastructure
As your economy rises, you will have more pops migrating to your country, you will need an expansion in the infrastructure of your country for the smooth running of processes.
Although construction requires money it is something you cannot escape. It is inevitable and a beneficial thing in disguise.
The things you will need to keep in mind before expanding the infrastructure are that its cash reserve is almost 95%.
The second thing that you should keep in mind is the employment rate is high. The buildings will handle the expansions more easily if the employment rate is high.
