So this week, we learned how to measure economic activity. This includes GDP, Inflation, Standard of living, and Business cycle etc. We also did the chart that compare GDP, unemployment rate, debt, inflation rate, population under poverty line etc, of 10 countries. The chart helped very much to understand how well countries do in economy. It's surprised me that GDP and unemployment rate and population under poverty line are not proportional. I used to think that if GDP of a country is high, then unemployment rate and population under poverty line are low. But this is not what I thought. For example, U.S. has the highest GDP among Canada, Australia, German, France, Italy, China, Japan, Vietnam, and South Korea. However, U.S. unemployment rate and population under poverty line are also third highest among these countries.
This week's lessons were kinda hard for me to understand all, but I hope I can get all before a test on Friday!
The chart was helpful to me too! It was interesting to see the differences between the different countries. Most countries are in extreme debt and have a lot of population below the poverty line. The numbers were all over the place but it helped me to see what countries need to work on. This was a difficult topic for me as well but through the week I gained a better understanding.
ReplyDeleteThe deflation, inflation, and stagnation is hard to figure out. I hope you get good grade in your test!!!
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