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Week 5 - Essay Example

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Gross Domestic Product as defined by Investopedia is the monetary value of all the finished goods and services produced within a countrys borders in a specific time period. Because it includes all of private and public consumption, government outlays, investments and net…
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Week 5
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US Japan Population* 311.946 127.819 Population Growth Rate 0.71% 0.18% GDP** 15,094.03 5,869.47 GDP Growth Rate 3.91% 6.94% China India Population* 1,348.12
1,206.92
Population Growth Rate
0.50%
1.38%
GDP**
7,298.15
1,676.14
GDP Growth Rate
23.06%
4.89%
Saudi Arabia
Mexico
Population*
28.169
113.735
Population Growth Rate
2.20%
1.26%
GDP**
577.595
1,154.78
GDP Growth Rate
27.96%
11.53%
*for 2011, in Millions, **for 2011, in Billion U.S. dollars
Source: International Monetary Fund
Gross Domestic Product as defined by Investopedia is the monetary value of all the finished goods and services produced within a countrys borders in a specific time period. Because it includes all of private and public consumption, government outlays, investments and net exports, the GDP is the prime indicator of economic health. In general, the U.S. is doing better than Japan, China is doing better than India and Mexico is doing better than Saudi Arabia in terms of economic production.
Population, on the other hand, is the number of people that reside in a specific territory. Population defines economic output in most countries through the labor market that in turn will affect the productivity and economic performance of a population. In general, The U.S. has a larger labor market than Japan, while China and Mexico have a larger labor market than India and Saudi Arabia respectively.
US
Japan
Human Development Index
0.910
0.901
China
India
Human Development Index
0.687
0.547
Saudi Arabia
Mexico
Human Development Index
0.770
0.770
Source: United Nations
While most standard of living indices uses GDP per capita, I chose the Human Development Index to measure the quality of life in a country. This is because countries with lots of income do not necessarily spend their money in ways that create higher life expectancies or better education.
According to Investopedia, the HDI is a tool developed by the United Nations to measure and rank countries’ levels of social and economic development based on four criteria: Life expectancy at birth, mean years of schooling, expected years of schooling and gross national income per capita. A higher HDI generally means a better quality of life this index has been standardized to track changes in development levels over time and to compare development levels in different countries. Generally, the US and China has a better quality of life than Japan and India respectively while Saudi Arabia and Mexico are at par in terms of quality of life.
Bibliography
International Monetary Fund. (2012, April). Report on Population and GDP of Selected Countries. Retrieved April 21, 2012, from http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/weorept.aspx?pr.x=67&pr.y=10&sy=2009&ey=2011&scsm=1&ssd=1&sort=country&ds=.&br=1&c=273%2C924%2C456%2C534%2C158%2C111&s=NGDPD%2CLUR%2CLP&grp=0&a=
Investopedia. (2012). Gross Domestic Product. Retrieved April 21, 2012, from http://www.investopedia.com/terms/g/gdp.asp#axzz1sZMOUQhJ
Investopedia. (2012). Human Development Index. Retrieved April 21, 2012, from http://www.investopedia.com/terms/h/human-development-index-hdi.asp#axzz1sZMOUQhJ
United Nations. (2011). United Nations Development Reports. Retrieved April 21, 2012, from http://hdr.undp.org/en/media/HDR_2011_EN_Table1.pdf Read More
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