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Look at the GDP of each of the countries. Which country has the highest GDP?

It has just been announced that in the interest of world harmony, all students are required to move to another country. You must now choose your new homeland. Try to select a country or region that you think has a high standard of living.

galvin-griffin
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Look at the GDP of each of the countries. Which country has the highest GDP?

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  1. It has just been announced that in the interest of world harmony, all students are required to move to another country. You must now choose your new homeland. Try to select a country or region that you think has a high standard of living.

  2. You were asked to make a choice without all the information you needed. Now that you have more data on this second chart make a selection based on the new information.

  3. Look at the GDP of each of the countries.Which country has the highest GDP?

  4. So which country will you be moving to?

  5. CHINASOUTH KOREAHONG KONGSWITZERLANDUKRAINENORTH KOREA

  6. Do you think of China as being a “rich” country to live in? • Most people think of China as relatively poor. • Why?

  7. Consider this: • Family A has an income of $80,000 per year. • Family B has an income of $60,000 per year. • Which sounds better?

  8. Analyze this information: • Family A has 2 parents and 8 children • Family B has 2 parents and 1 child • Which family will be able to acquire more goods and services? • Family A has only $8,000 per person • Family B has $20,000

  9. CONCLUSION: • THE NUMBER OF PEOPLE SHARING THE INCOME MAKES A DIFFERENCE.

  10. GDP PER CAPITA SHOWS HOW MUCH OUTPUT IS PRODUCED PER MEMBER OF THE POPULATION.

  11. LIST THE COUNTRIES AGAIN, BEGINNING WITH THE HIGHEST GDP PER CAPITA COUNTRY TO THE LOWEST GDP PER CAPITA COUNTRY

  12. GDP PER CAPITA • HONG KONG • SWITZERLAND • SOUTH KOREA • UKRAINE • CHINA • NORTH KOREA

  13. THE ECONOMIC MYSTERY How could a country that has fewer resources produce more output per person than a country that has more natural resources?

  14. For example:China is rich in natural resources, but has a low per capita GDP. South Korea has fewer natural resources, but still has a higher per capita GDP.How can South Korea have more goods and services than China?

  15. Read what Peter Drucker and Michael Porter have to say about this topic by reading the following article “What is Productivity?”

  16. Answer the following three questions. The answers will be found in the article. • 1What is the prime determinant of the average standard of living in any nation? • 2 What is productivity? • 3 Why does productivity increase the standard of living in a nation?

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