Explain Why Comparing the G.D.P. of Various Nations Might Not Tell You Which Nation Is Better Off. Use Information from the World Bank Website to Support Your Answers. in Your Explanation Refer to the Limitations of

Australia and Koreas employment rates are relatively similar, over 72% of Australians aged between 15-64 have a paid job, and 64% of Koreans aged between 15-64 have a paid job. From each of these indicators, Australia comes out stronger. Economic Growth and Quality of Life. Economic growth is defined as an increase in the amount of goods and services produced per head of the population over a period of time. This can happen many different ways.

Which country is the wealthiest in terms of GNI PPP/capita? Which is the second wealthiest? Which are the poorest two countries?

Why are Some Nations Rich and Others Poor? Introduction Over the years, a nation’s economy will change drastically and, due to a large variety of factors, there are now countries who are significantly wealthier than others. These factors range from lack of education, to lack of natural resources and all of them notably effect the economy of a country.

Assess the significance of three factors which might limit economic development in the developing countries.

The study and application of macroeconomics influences the well-being of a nation by achieving high rates of material production and by keeping track of how much of something is being consumed. The United States is one of the wealthiest countries in the globe, making the government powerful. Government intervention in the Untied States is an important factor that keeps the economy running. Enough power to control the business cycle keeps money circulating the nation. The business cycle includes economic downturns, classified as recessions, expansions, business-cycle peaks and troughs. A good government is essential for the economy to run smoothly. There are three main macroeconomic variables in the nation that the government focuses on, Gross Domestic Product (GDP), unemployment rate, and inflation rate.

 The BOP accounts also show the sources of demand and supply of a country’s

Gross Domestic Product or GDP, represents all the goods and services produced within a country’s borders. Measurement of gross domestic products is based on consumption, government spending (at all levels of government), investment, and exports minus imports. The formula for GDP is C + G + I + (X – M). (Colorado Technical University [CTU], 2016). According to the given information the formula for Country A the GDP would be

Topic: Why are some countries more developed than others? Explain why uneven development exists between countries (developed countries and less developed countries). Use specific reasons and examples to support your answer.

This can easily be refuted by looking at the case of the world’s richest man, Jeff Bezos; does the billionaire actually have one hundred billion in his bank account? No, Bezos takes home roughly a million dollars a year, the vast majority of his wealth coming from his legal ownership of the tech company Amazon. Dietz applies this case to that of nation states, particularly the United Kingdom. Figure 8.1 shows how the money supply of the United Kingdom is nearly three times greater than its GDP. By this logic, the GDP defines how much money is moving around per year, but since there is more money in general than gets moved around, this allows for the accumulation of said money, which can be thought of as percentage of the GDP. So even though that money may not have come from wealth in housing or medical care, it represents the misconceived notion that having more money means you have accumulated more

GDP, or gross domestic product, is the sum total value of all goods and services produced by a country within a given year. To achieve this sum, everything produced and exported, all of the money spent by consumers and government, investments, and many other contributing factors are calculated and combined. A nation’s GDP is used as the main indicator of the economic status of that nation. In general, the higher a country’s GDP is, the greater the health of that country’s economy. However, GDP is not as helpful or accurate a calculation as “real GDP”. Real GDP is a term that refers

The Gross Domestic Product (GDP) is a calculation that provides insight into the current economy of our nation to allow individuals to understand the current and past year’s standings in the economy. The calculation of the GDP allows for the government to determine what adjustments are necessary to manage an effective status for the economy. Based upon the GDP the government can forecast any necessary changes that must be made to either the monetary policy or the fiscal policy. The wealth of a country is based upon the government’s ability to manage the economy through the monetary system and not on the amount of money that is located within that economy. The calculations for the GDP are produced to provide the most

Assess the significance of three factors which might limit economic development in the developing countries.

Australia has been considered one of the most highly ranked countries in the report by The Economist Intelligence Unit. Economic factors, political and social are broken into 15 sections for which the report bases its rankings into for the countries around the world. Australia had come in 9th place with Scandinavian countries and Canada placing higher in the top rankings. Over 165 countries are broken down and looked at their state strength and governance, history in unrest, economic stress, levels of development, unemployment, and growth is GDP per head and public trust in political institutions.

In the other hand, Russia has a GDP per capita of 14,037US$, considered as high income for Russians. (The World Bank 2014)

Chapter 7 and 8 from “A Guide to Everyday Economic Statistics” explains the value of prices, money, and interest rates alongside the value of stock prices and international trade. As a result, we will be able to grasp the concept of how the Consumer Price Index (CPI), how to use an estimate the inflation from the CPI, Producer Price Index (PPI), prime rate and how to measure the Dow Jones Industrial Average (DJIA) and international value of the dollar in the stock market.