economics.docx - Question one In the process of measuring the well-being of a country there are several ways that economists can use When considering

economics.docx - Question one In the process of measuring...

This preview shows page 1 out of 1 page.

Question one In the process of measuring the well-being of a country, there are several ways that economists can use. When considering the nations, the economists tend to use the gross domestic product (GDP) per capital as an indicator of the average economic well-being of any nation. As the GDP is like the yearly income of a country, the economists divide the GDP of a country with the population. This estimates the income, on average that the economy owns per year. If the GDP is measured and simply divided by the population, it is an income measure as long as it is divided amongst the populations. However, the GDP is a problem since there can be large differences in the incomes of the population and thus the GDP would not truly reflect the true status of the economy of the country. Question two South Korea outperformed several countries. These countries include china and Ghana and Liberia. The GDP of Korea in th year 2015 was 2,105.07623 USD. According to the findings, it was ahead of Ghana which had USD 1,361.11391, china with 8,069.21302 USD and Liberia with 452.03807. This is attributed
Image of page 1
  • Fall '16
  • Kamau Ndungu

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes