Homework 9Critical Thinking
The level of a nations GDP measures the total income earned in the economy and the total expenditure on the goods and services that are made in the economy.I believe that its better to live in a country with high level of GDP because of the more goods and services that would be available Although there is a slow growth rate I think it is better to live in high level of GDP.
A college degree is a form of capital because it is knowledge that is form through learning and training. This is a form of capital because it is apart of what determines productivity. For example, an employee can use the knowledge that he or she gained and apply it to work creating a more efficient way to get the job done.
a) It is better for the United States to receive this foreign investment because it will increase GDP which betters the economy by larger capitol stock.
b) It would have been better for Americans to have made this investment because they would expect to receive all the returns when investing rather than giving the returns to other countries.
These two factors go hand in hand with each other in a sense because GDP measures income and goods and services. The productivity needs to be high in order to produce a large amount of goods and services.
Contributions, Reflections, Further Engagement
Madeline and I worked on homework together talking about the different ways countries can import.
a)The pdf suggest that the economy is doing well because people are making enough money that allow them to consume products.
b)Some forms of private consumptions are concerts and food and anything for personal usage. Some other forms that represent investment are bonds and stock. I believe that educations can be a form of both consumptions and investment. It can be consumptions because you are gaining the knowledge you need to understand the field that you are going into. This also ties into investment because while you are understand the material that bis being given you are investing the time, effort and MONEY for a future career.
c) The pdf suggest that both private and public have increased which is good because it show how stable the economy is.
d) Some forms of government spending that represent consumption are financial aid. Some forms of government spending investments are fixing potholes, by doing this more people would be safe while driving not needing to dodge them and potentially cause an accident. Yes I would distinguish between young and old because they have different need. Since the young are young they have their whole lives ahead of them. In the future the young will make a difference while the old have already lived their lives. In a sense the young can be seen as an investment because they will have an impact on the future while the elderly cant do that.
Scores 8.292 8.163 8.692
Est. GDP 1.653 trillion 324.9 billion 251.9 billion
El Salvador Ethiopia Honduras
Est. GDP 24.81 billion 80.56 billion 22.98 billion
From the numbers above I see that no matter how high your scores are you can still have a somewhat high GDP. This can be that in these countries have more natural resources because they have larger quantities which is a plus for them because they wouldn’t have to rely on other resources.
This is my honesty statement stating that the above work is mine.