Chapter 12 Powerpoint

Chapter 12 Powerpoint - Production and Growth changes of...

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Production and Growth changes of standard of living or GDP Argentina and Philippines Chapter 12
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A typical family with all their possessions in the U.K., an advanced economy GDP per capita: $35,580 Life expectancy: 79 years Adult literacy: 99%
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A typical family with all their possessions in Mexico, a middle income country GDP per capita: $11,410 Life expectancy: 76 years Adult literacy: 92%
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A typical family with all their possessions in Mali, a poor country GDP per capita: $1,130 Life expectancy: 50 years Adult literacy: 46%
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5 GDP per capita, 2005 Growth rate, 1960-2005 China $6,572 5.8% Singapore 29,921 5.4% Japan 30,821 3.8% Spain 26,125 3.2% India 3,486 2.7% Israel 25,670 2.7% United States 41,854 2.2% Canada 32,886 2.1% Colombia 7,769 1.8% New Zealand 22,511 1.4% Philippines 4,920 1.4% Argentina 14,421 1.0% Saudi Arabia 14,729 0.8% Rwanda 1,333 0.3% Haiti 1,836 –1.2% Incomes and Growth Around the World FACT 1: There are vast differences in living standards around the world.
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6 GDP per capita, 2005 Growth rate, 1960-2005 China $6,572 5.8% Singapore 29,921 5.4% Japan 30,821 3.8% Spain 26,125 3.2% India 3,486 2.7% Israel 25,670 2.7% United States 41,854 2.2% Canada 32,886 2.1% Colombia 7,769 1.8% New Zealand 22,511 1.4% Philippines 4,920 1.4% Argentina 14,421 1.0% Saudi Arabia 14,729 0.8% Rwanda 1,333 0.3% Haiti 1,836 –1.2% Incomes and Growth Around the World FACT 2: There is also great variation in growth rates across countries.
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Production and Growth A country’s standard of living depends on its ability to produce goods and services. (because value of G&S = expenditure = income )
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Production and Growth Within a country there are large changes in the standard of living over time. across countries?
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Production and Growth Productivity refers to the amount of goods and services produced for each hour of a worker’s time. A nation’s standard of living is determined by the productivity of its workers.
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Production and Growth In the United States over the past century, average income as measured by real GDP per person has grown by about 2 percent per year.
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The Variety of Growth Experiences Country Period Real GDP per Person at Beginning of Period Real GDP per Person at End of Period Growth Rate (per year) Japan 1890-1997 $1,196 $23,400 2.82% Brazil 1900-1990 619 6,240 2.41 Mexico 1900-1997 922 8,120 2.27 Germany 1870-1997 1,738 21,300 1.99 Canada 1870-1997 1,890 21,860 1,95 China 1900-1997 570 3,570 1.91 Argentina 1900-1997 1,824 9,950 1.76 United States 1870-1997 3,188 28,740 1.75 Indonesia 1900-1997 708 3,450 1.65 United Kingdom 1870-1997 3,826 20,520 1.33 India 1900-1997 537 1,950 1.34 Pakistan 1900-1997 587 1,590 1.03 Bangladesh 1900-1997 495 1,050 0.78
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Economic Growth Around the World Living standards, as measured by real GDP per person, vary significantly among nations.
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This note was uploaded on 11/16/2011 for the course ECON 202 taught by Professor Kim during the Fall '11 term at CSU Fullerton.

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Chapter 12 Powerpoint - Production and Growth changes of...

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