THE GDP PER UNIT OF ENERGY USE Name: Tutor: Course: Date: Abstract World Bank and other international monetary organizations are constantly involved in analyzing economic patterns and capabilities of nations across the globe. These economic patterns are analyzed through indicators like energy intensity and the relationship between gross domestic product and energy consumption…
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According to Pimentel (2013), data from populous and industrialized nations like China and India will serve the purpose of substantiating the relationship between the variables mentioned above. In this case, stage three of the term paper involves a comprehensive literature review that seeks to acquire relevant information about the underlying hypothesis. Literature Review Introduction Since the paper seeks to examine nations’ economies from the perspective of domestic product and energy consumption, then it is inherent to clarify certain terminologies and abbreviations that will be used extensively in the essay. First, gross domestic product, commonly referred to as GDP, remains one of the essential indicators of a nation’s economic status. According to Meyers (2010), GDP is the cumulative monetary value of all goods and services produced and offered by a nation’s population over a period of one year. Secondly, energy intensity is a terminology referring to efficiency of energy use within a given economic setting. The intensity is obtained by determining the ration between total energy consumption and the total gross domestic product. ...
rding energy intensity within a nation are gaining attention after World Bank projected that by 2050, the world’s fossil fuels will have reduced by approximately 35%. According to Mely and Chang (2012), such prediction insinuates that reduction in fossil fuels will create a subsequent increase in demand for the same commodity. Consequently, nations whose economy is energy dependent may experience diverse difficulties in adjusting to the significant drop in fuel content across the world. In this context, it is undeniable that third world nations in Africa relies more on agriculture and tourism as the main source of their gross domestic product. However, populous and industrialized countries like China and India rely on manufactured exports and skilled services. Bosselman (2010) says that in China, industries and skilled services like road constructions are known to consume a lot of energy. GDP per Unit of Energy Despite the fact that manufacturing and service industries in China and India generating huge economic output from every given energy unit, they still face a threat with regard to diminishing oil reserves. For example in 2005, China yielded a GDP of 3.7 for every kilogram of oil consumed. India yielded a slightly higher GDP of 5.3 for the same mass of oil consumed. On the contrary, the adjacent Republic of Hong Kong posted a GDP of 21.2 for every kilogram of oil used within the same period. Switzerland, which is known to being a less populous nation than India, posted a GDP of 12.3. Based on these figures, one can develop an insight on the energy efficiency within the four nations compared above. From the figure of 3.7 GDP per kilogram of oil consumed, then it is undeniable that China has lower energy efficiency. On the other hand, Hong Kong can manage to
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(The GDP Per Unit of Energy Use Essay Example | Topics and Well Written Essays - 1250 Words)
“The GDP Per Unit of Energy Use Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/macro-microeconomics/1489633-the-gdp-per-unit-of-energy-use.
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