Economic Indicators Answers
Use an example to explain why economists measure a country’s economic development by its GDP per capita rather than its total GDP.
Using complete sentences, explain the differences between developed and developing countries in the following areas: GDP per capita, the dominant sector(s) in the economy, and the standard of living for most of the people in the country.
How does improving technology in primary and secondary sector jobs lead to more workers in the tertiary sector?
Improved technology helps workers in primary and secondary sectors produce more goods with less time and labor. For example, farm machinery can harvest crops that once required many workers, and automated factory equipment can manufacture more products with fewer employees. Workers who are no longer needed in those jobs can move into tertiary-sector jobs, such as healthcare, retail, education, or transportation.
Analyze the table below and answer the question that follows.Data courtesy of the IMFWhich of the countries in the table above had the most developed economy in 2009? Explain your answer.
Italy had the most developed economy in 2009. It had the highest GDP per capita, at $35,435, which indicates the greatest average economic output per person among the countries shown. Italy also had the highest total GDP, at $2,118 billion.
Which of the following is not a characteristic of a least-developed economy?
A country’s gross domestic product measures __________.
Highly developed economies are dominated by jobs in the __________ sector.
Jobs focused on providing services are part of the __________ economic sector.
Jobs focused on obtaining natural resources or raw materials are part of the __________ economic sector.
Use an example to explain how investing money in better physical capital (machine, buildings, tools, and equipment) can help a country increase its GDP.
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