Discuss the factors that determine whether the standard of living in a country will be high or low. Why do poor countries find it difficult to raise the standard of living of their citizens?

Q: Do you believe that globalization has created new problems and exacerbated existing difficulties for…

A: Globalization refers to the interdependence of many world cultures, demographics, and economy. It's…

Q: Discuss life expectancy  and the different factors that contribute .  How is the United States…

A: Definition: Life expectancy is a  proportion of the average time an individual is relied on expected…

Q: Demography can have important economic effects. The United States has an aging population. Explain…

A: Economic benefit of aging population is that they have savings of their life which made over their…

Q: Many countries import considerable amounts of goods and services from other countries. Yet…

A: Comparative advantage refers to the situation where one party can produce the goods and services…

Q: list describe the principal causes of high Population Coummies and the major consequences. List and…

A: Introduction Increases in the amount of people in a population or scattered group are referred to as…

Q: What is the relationship between property rights, corruption and economic progress? do the…

A: There is a direct relationship between property rights and corruption.

Q: How do economists define relationship of inequality and development? Should development stragies…

A: Meaning of Economic Development:The term economic development refers to the situation under which…

Q: DISCUSS FIVE MOST IMPORTANT NON-ECONOMIC REASONS WHY THERE ARE A LOT OF POOR PEOPLE IN THE…

A: The Philippines is a country with abundant natural resources and a large workforce. However, despite…

Q: In your opinion, will real GDP or per capita real GDP be a better indicator in measuring well-being…

A: GDP is the money value of all final goods and services produced in an economy during a specific…

Q: How does the service sector help in the development of primary and secondary sectors?

A: Apart from primary and secondary sectors, there is a third sector called the service sector also…

Q: Standard of living of a country can be raised if it increases Labour force

A: To find : Which is reason for increase in standard of living of a country.

Q: "Indonesia's economy grew at its fastest pace in six years in the fourth quarter of 2010, and…

A: With a population totaling around 240 million individuals, Indonesia is the fourth-largest country…

Q: What are the factors that can influence a country’s standard of living?

A: Standard of living indicates the degree of wealth or availability of material goods and services to…

Q: What are 3 economic indicators that are important to evaluate the economic situation of a country

A: Unemployment is the situation in which an individual is seeking a job and unable to find one.

Q: What are some of the other ways of comparing the standard of living in countries around the world?

A: The standard of living is a very broad concept in economics as it includes both the physical as well…

Q: Do you think that there is strong relationship among health, labor productivity and income levels?…

A: Health is an important factor that determines the ability to work by a person in the economy. When…

Q: Why do some national economies grow faster than other national economies?

A: A realm in which items and services are produced, distributed, traded, and consumed by diverse…

Q: What is a economic sector

A: Macroeconomics studies the economy in a broader aspect. Macroeconomic theories deal with the…

Q: If receipts of factor income from the rest of the world exceed payments of factor income to the rest…

A: Factor income: It means the income received from the factors of production.

Q: Why do many economists expect income convergence between developed and developing countries, and…

A: The thought of convergence is that the speculation that poorer economies' per capita incomes will…

Q: What responsibility do the most developed countries have, the world leaders have, to assisting some…

A: Developed country A country is considered a developed country if it has a high level of quality of…

Q: What are the possible sources of capital

A: In an economy, there is huge differences in the activities of small businesses and large businesses…

Q: What are the main components of the quality of life in the economic

A: According to the given question The quality of the life in economy is considered as the high degree…

Q: Is there a better way to classify a country other than the use of GDP and per capita? Explain

A: Yes, there is a better way to classify a country other than the use of GDP and per capita as these…

Q: What is the following formula that could be used for calculating the per capita income of a…

A: According to the given question In simple words we can say that the total income or the per capita…

Q: In Investment in Human Capital (1962) paper by Gary Becker, what were his key findings and why was…

A: Most people associate capital with a bank account, a hundred shares of IBM stock, assembly lines,…

Q: explain why it is difficult to set aside funds for investment when you are in poverty

A: Poverty is a situation on which people do not have money to spend and afford basic necessities of…

Q: Why is income per person so much higher in some countries than others?

A: A commonly used indicator to measure the level of prosperity in a nation is the per capita gross…

Q: What is the implication of an aging population on a country's economy?

A: An aging population implies that a country's majority of population is heading towards old age which…

Q: What and how certain economic indicators are impacting the Economy of Pakistan? Discuss.

A: Economic Indicators are the statistics that measure the economic performance of the country. Some of…

Q: From where national income does come?

A: National income: The National Income is the total amount of income generating in a country from all…

Q: Why is the population of low- income countries predicted to grow more quickly than the population of…

A: The population rate affects the income per capita GDP. The low-income countries grow differently…

Q: Explain what the human development index is,what it measure and what information reveals

A: Economic growth exhibits the percentage increment in the economy's output per capita over the period…

Q: How is inequality related to development? What relationship can be seen among the two variables…

A: Inequality: The inequality can be defined as the situation when individuals do not possess the same…

Q: The common view is that an increase in productivity increases economic growth and welfare. However,…

A: Productivity refers to increase in production with same level of input. It means when by using same…

Q: how much was the net primary income from the rest of the world in 2019?

A: Net primary income is the net flow of income, investment, profits and dividend on investments and it…

Q: Which economic challenge unemployment, poverty,  inflation represents the greatest threat to social…

A: Unemployment is defined as a condition under which all those who are willing and able to work are…

Q: How we can measure Economic success and how it is important for economic growth.

A: Several social activists and policymakers have argued that relying solely only on the GDP growth…

Q: List the determinants of productivity. • List three policies that attempt to raise living standards…

A: In economics, productivity refers to the amount of output produced per unit of input, such as,…

Q: How much should you earn to make a living in different countries?

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: what are the Economic factors of Ethiopia include:  major industries, exports, and imports, GDP…

A: Economic factors  Economic factors are those which may help to calculate the economic growth and the…

Q: Define Primary Sector? Why is the role of the primary sector vital for economic development?

A: Activities specifically dependent on natural resources are referred to as the primary sector. It is…

Economic Growth

It means the rise in the manufacturing levels of a country’s products/services over a while. It is calculated in terms of the real income of the people of the country. When the production of products/services begins, the manufacturers will hire employees, which in turn raises the income of the people and it will also raise the buying power, this eventually leads to the circulation of money that directly helps in the increase in the Gross Domestic Product (GDP). Thus, GDP is calculated by economists to calculate the growth in the country.