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Anna007 [38]
3 years ago
5

How does an economist compare the standard of living in two different countries

Geography
2 answers:
love history [14]3 years ago
5 0

In order for an economist to compare the living standard in two different countries, he/she will need to take multiple parameters in consideration and compare all of them individually, after them sum them up and make the final conclusion.

One of the things is the GDP nominal of the countries, which shows how strong the economy of the country is, and in which direction it is moving. Then the GDP per capita, which will reflect how much actually the citizens earn on average. The prices of the goods and services in the countries come as next, and their prices are then compared with how much the GDP per capita, so that the economist can see what is the economic power of the citizens. The availability and quality of the institutions of the countries, the infrastructure, corruption rate, freedom of speech, will all be examined in order to determine the living conditions that are available to the people. So once all of these things are examined and summed up, the economist will be able to make a proper comparison of the standard of living in the two countries.

PilotLPTM [1.2K]3 years ago
3 0

Answer: by comparing real GDP per capital

Explanation: GRADPOINT

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The Indian subcontinent and East Asia are both regions in Asia. They border with each other, with the border being on the northern part of the Indian subcontinent and southwestern part of East Asia. These two regions have lot of differences between them, including culture, languages, religion, lifestyle, politics, geography etc., but they also have several similarities too.

One similarity of these two regions is that both of them have natural barriers, which throughout history have helped a lot in their protection. The Indian subcontinent has only two natural barriers, the Himalayas, which are massive and occupy almost the entirety of the northern part of the region, and the ocean. East Asia has multiple natural barriers, including the Himalayas, Taklamakan Desert, several seas, and the taiga.

One big difference between the regions is that in India there are much higher percentage of educated people that are fluent in English than in East Asia. This is mostly because India is a former British colony, so the English language is a legacy from the colonialism, but it is also seen as advantageous when looking for jobs.

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