GDP (Take Notes)
A country’s Gross Domestic Product (GDP) is one way to measure wealth. This is done by calculating the size of its economy by adding the total value of all goods and services produced during a year. To make meaningful comparisons between countries, the total GDP is divided by the size of the population to produce a measure known as GDP per capita. Source 3.1 shows the GDP of countries worldwide, together with a listing of the world’s 10 richest countries and the world’s 10 poorest countries. In 2012, the GDP per capita of Qatar, the world’s richest country, was $103900 and the GDP per capita of the Democratic Republic of the Congo, the world’s poorest country, was $272. Australia’s GDP was $42000. (All these figures are given in US dollars.) |
How does America look for wealth?
Is GDP always important in measuring wellbeing?
Create a scatterplot using the data below and answer the question:
What is the connection (correlation) between money earned and age?
What is the connection (correlation) between money earned and age?
Case Study: Qatar levels of wealth in the world (add to case study map and add notes)
As mentioned, the residents of Qatar are, on average, the wealthiest people on Earth. Its two million people earn an average of US$103,900 each year (compared with the global average of US$12 500). Qatar is a tiny country (slightly smaller than the Sydney metropolitan area) with vast reserves of oil and gas. The wealth generated from developing and exporting these resources has been used to increase the state of wellbeing for many Qatari residents. The country boasts one of the world’s best healthcare systems, while water, gas, electricity and even food are partially paid for by the state. The employment opportunities in Qatar attract many migrants from other Middle Eastern countries as well as from South and South- East Asia, particularly India, Nepal and the Philippines. More than half of the population is made up of foreign workers (the highest migration rate in the world).